The US would impose a one-time 20 per cent tax on an estimated $2tn of cash held overseas by American multinationals under a proposal from Democrats on the Senate finance committee that would reshape international tax policy.
The proposal by Max Baucus, the veteran Montana lawmaker who chairs the panel, was unveiled yesterday as a way to stoke momentum for a much more sweeping rewrite of the US tax code.
One primary goal is to clamp down on the widely adopted practice of US companies keeping their profits overseas to avoid paying the 35 per cent tax rate – one of the highest in the developed world – that is applied to repatriated cash.
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