Bounds was referring to Trump’s proposal to tax companies’ accumulated offshore profit at 10%—down from the current top corporate income tax rate of 35%. Trump’s tax plans call for ending deferral and cutting the top corporate tax rate to 15%. “This is a major way to raise revenue,” said Stephen Moore, a senior economic adviser to Trump’s campaign. In his last two budget proposals, President Barack Obama called for 14% tax rate on companies’ offshore earnings. This summer, House Republicans released a blueprint for a major corporate tax overhaul that would create a repatriation tax rate of just 8.75%.

Source: Mint August 24, 2016 11:26 UTC