Lawmakers are starting to see the outlines of a bipartisan agreement on how to tax the income that U.S.-based corporations earn outside the country.
Such a system would make it easier for U.S. companies to bring home foreign income that has been taxed elsewhere while preventing profits booked in low-tax or no-tax jurisdictions from receiving the same benefit.
A deadlock-breaking agreement would respond to companies including Procter & Gamble Co. and General Electric Co. that have lobbied for change and complain that the U.S. tax code hurts their ability to compete globally. Under the current system, fewer than 100 companies have stockpiled more than $1.2 trillion in untaxed profits outside the U.S.
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