Camp Seeks Income Shifting Curbs to Pair with Overseas Tax Cuts- Bloomberg.com: U.S. Representative Dave Camp, the top House tax writer, is offering a multiple-choice solution to a complex international tax problem.
Camp, chairman of the Ways and Means Committee, started a debate in the tax policy world last month by proposing three ways that the U.S. could prevent companies from shifting profits offshore under a system with lighter taxes on global earnings.
The ideas are aimed at a potential byproduct of Camp’s proposal to exempt from taxation 95 percent of profits from active business operations that U.S.-based companies earn outside the country. Critics say that change could provide an incentive to move profits outside the U.S., particularly by locating intellectual property in low-tax jurisdictions.
