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Top House tax writer proposes taxing small portion of overseas profits earned by US companies
WASHINGTON (AP) ' The House's top tax writer says he wants to exempt from taxes 95 percent of the profits that American companies earn overseas.
House Ways and Means Committee Chairman David Camp says he would tax the remaining profits at just 5 percent.
The Michigan Republican's proposal, announced Wednesday, is part of his plan to reshape much of the tax code. He also wants to lower the top corporate tax rate to 25 percent, down from the current maximum rate of 35 percent.
Camp wants to make the revisions without changing the total revenue raised from business taxes, but he did not say how he would do that.
The U.S. currently taxes profits American companies earn overseas at up to 35 percent, but only when they bring the money back home.