The tax rates that U.S. companies would pay on an estimated $3.1 trillion in earnings they've stockpiled overseas haven't been finalized yet—and they may change depending on the final bill's revenue score, said Representative Tom Reed, a Republican member of the House Ways and Means Committee.
The House voted last month to tax companies' stockpiled offshore earnings at 14 percent for income held as cash and 7 percent for less-liquid assets. The Senate's bill this month set those rates at 14.5 percent and 7.5 percent, respectively.
As Republican leaders of the two chambers work on compromise legislation to send to Trump next week, many of the changes—including a lower rate for the highest-earning individuals and restoring or enhancing some tax deductions—would increase the bill's revenue cost.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
