Trump Plans to Seek 10% Tax on Offshore Earnings, Official Says
- President said to call for taxing pass-throughs at 15%
- Pass-throughs are currently taxed at higher individual rates
Trump Team Pitches Tax Plan to Congress
This article is for subscribers only.
President Donald Trump plans to propose a 10 percent tax on more than $2.6 trillion in earnings that U.S. companies have stockpiled offshore, said a White House official familiar with the president’s tax plans.
Proceeds from the so-called “repatriation tax” would represent a one-time source of sorely needed revenue, which could offset some of the deep tax cuts Trump has proposed for businesses -- or could be devoted toward popular, bipartisan initiatives, like infrastructure spending.