Rep. Brady Sees Chance to Agree on Shift to Territorial Tax

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Settling the debate over shifting from a worldwide to a territorial tax system could be closer than it appears, according to Rep. Kevin Brady (R-Texas), and observers suggest could bode well for broader corporate tax reform.
Brady and other congressional Republicans want more of a territorial tax system for U.S.-based multinational companies, which would tax their profits where they are earned instead of taxing their worldwide earnings.
In contrast, the White House and some congressional Democrats want to maintain the current variation on worldwide taxation, in which multinationals owe U.S. taxes on domestic and foreign income, with some exceptions.

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