The Hill: Tech Groups Voice Support for Tax Reform

The U.S. currently taxes companies on their income at home and abroad. Corporations, however, don’t have to pay taxes on their income abroad until they repatriate it back home.

Supporters of a territorial system argue it could help bring lost tax dollars back into the U.S. The Institute on Taxation and Economic Policy estimates that Fortune 500 companies hold $2.6 trillion in earnings offshore, depriving the U.S. government $767 billion in federal income tax. Read more