Reuters: Politics: Obama might back territorial tax system, business chief says

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Obama might back territorial tax system, business chief says Jan 31st 2013, 18:40 Tweet Share this Email Print Analysis & Opinion Are sales taxes more ecological? Taxes and human nature U.S. President Barack Obama delivers remarks at the White House in Washington November 28, 2012. Credit: Reuters/Kevin Lamarque WASHINGTON | Thu Jan 31, 2013 1:40pm EST WASHINGTON (Reuters) - The president of a group of more than 200 CEOs said on Thursday that President Barack Obama had told the business community last month he might back a territorial tax system, which would exempt offshore profits from taxation. Corporate America is pushing for the United States to move to such a regime, which they say would make domestic business more competitive. John Engler, president of the Business Roundtable, said that in meetings with Obama during a year-end budget standoff between the White House and Congress, the president left the impression he was moving in that direction. "A favorable impression was left," Engler said in a briefing with reporters on Thursday. A territorial system would exempt most domestic companies' offshore profits from U.S. tax. That contrasts with the worldwide system now in place, whereby all offshore profits are taxed when they are brought back into the United States. (Reporting by Kim Dixon; Editing by Howard Goller and Gerald E. McCormick) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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