Tax Bill Sets 12% Rate for Companies' Offshore Cash, Lawmaker Says
The House tax bill will impose a one-time tax of 12 percent on U.S. companies’ accumulated offshore earnings that are held as cash -- and 5 percent for non-cash holdings, according to a Republican lawmaker who asked not to be named because the discussions are private.
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The House tax bill will impose a one-time tax of 12 percent on U.S. companies’ accumulated offshore earnings that are held as cash -- and 5 percent for non-cash holdings, according to a Republican lawmaker who asked not to be named because the discussions are private.
The White House and GOP leaders’ tax framework released last month had said there would be two rates for accumulated profits stashed overseas, with a higher one for cash, but didn’t specify what those rates would be. It also said companies would be given several years to pay the tax liability.