Camp Territorial Plan Exempts Most Offshore Profits From Tax

U.S. House Ways and Means Committee Chairman Dave Camp will release a long-awaited proposal today to shield 95 percent of corporate profits earned offshore from taxation in the U.S.

U.S. multinational companies, including Caterpillar Inc., Procter & Gamble Co. and General Electric Co., have been pressing for such a change to match the tax systems of most other major economies. The exemption would create a territorial system, removing almost all U.S. taxation of offshore profits.