Baucus-Camp Plans Fail to Converge on U.S. Multinationals: Tax

As the top tax writers in Congress travel the country to tout their effort to revamp the code, one key element still has them on roads that don’t quite meet: how to tax big multinational companies.

Michigan Republican Dave Camp, who runs the House Ways and Means Committee, says the U.S. should switch from a worldwide tax system, where companies are taxed on profits earned anywhere, to a territorial system that taxes few profits earned outside the U.S. -- an idea supported by the 3M Co., the lawmakers’ first stop on the tax reform tour this week.