Senate Sets Offshore Tax Rate as High as 10%: Tax Debate Update
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It was crunch time for Republican tax-writers on Thursday. The House Ways and Means Committee completed its tax-cut legislation and sent it on its way to the full House, while a Senate panel began revealing details of its own version. Here are the latest developments, updated throughout the day:
Senate tax writers released more details of their plan Thursday evening -- specifying that U.S. companies’ stockpiled offshore profits would be subject to a rate of 10 percent for income held as cash and 5 percent for non-cash holdings.