House Amendment Guts Offshore Tax Provision: Tax Debate Update
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The House tax-writing committee finished its second day of work Tuesday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day:
House Republican tax writers effectively gutted a proposal to tax U.S. companies’ payments to related foreign affiliates, part of a package of late changes on Monday that punched a $74 billion revenue hole in their tax-overhaul plan, according to a preliminary from Congress’s Joint Committee on Taxation.