The top Republican tax writer in Congress explained his plan tocreate a broad exemption for the profits that U.S.-basedcorporations earn outside the country, aiming to accelerate thedebate over international taxation.

The proposed territorial tax system outlined by RepresentativeDave Camp yesterday would overhaul the way the U.S. tax codeintersects with the global economy by adopting a system similar tothose in the U.K. and Japan. Companies including Procter &Gamble Co. and General Electric Co. are lobbying Congress for aterritorial system, and business groups praised Camp's plan.

“It's a good first step to bring the United States into a20th-century multinational tax system,” said Kenneth Kies, a taxlobbyist whose clients include Microsoft Corp. and Caterpillar Inc.“Realistically, this process is going to take a long time to reacha bill that some president will sign.”

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