The U.S. Chamber of Commerce raised concerns about an international tax draft proposed by House Ways and Means Committee Chairman Dave Camp, listing several ways it says the plan could hurt U.S.-based companies.
Camp's proposal, released Oct. 26, recommends moving to a territorial system that would exempt from taxation the overseas profits of U.S.-based companies. In concept, it is the kind of system that the Chamber and other business groups have sought.
"It is imperative to shift to a territorial tax system but that system must not be overly onerous to companies seeking to grow, compete and innovate," the Chamber, the nation's largest business group, wrote in comments submitted in conjunction with a Ways and Means hearing today.
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