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Rates on Offshore Earnings Not Yet Finalized: Tax Debate Update

Bloomberg business news

GOP Confident Tax Overhaul Gets Done Next Week

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President Donald Trump made what his staff members called a “closing argument” for tax-overhaul legislation Wednesday as congressional Republicans hammered out last-minute revisions to key provisions. Here are the latest developments, updated throughout the day:

The tax rates that U.S. companies would pay on an estimated $3.1 trillion in earnings they’ve stockpiled overseas haven’t been finalized yet -- and they may change depending on the final bill’s revenue score, said Representative Tom Reed, a Republican member of the House Ways and Means Committee.