Bipartisan plan would overhaul business taxes, fund highways
WASHINGTON - Two senators are unveiling a bipartisan framework to overhaul the taxes paid by U.S. firms on foreign profits while potentially providing much-needed funding to repair the nation's roads and bridges.
Many of the details need to be worked out, and huge hurdles remain. But if successful, it would be the kind of bipartisan compromise on taxes that has long eluded Republicans and Democrats in Washington.
Democratic Sen. Chuck Schumer of New York and Republican Sen. Rob Portman of Ohio unveiled the framework Wednesday.
It would require U.S.-based corporations to pay an undetermined tax on up to $2 trillion in foreign profits that U.S. firms have overseas. The tax would generate money for highways.
Going forward, it would allow U.S. corporations to exempt more of their foreign profits from U.S. taxes.