3 February 2015 Insurance

Obama’s budget proposal targets foreign profits

President Obama released the 2016 budget proposal yesterday, February 2, which calls for taxes on overseas revenues by US companies and a new approach to taxing foreign profits.

The ‘transition tax’ on overseas money imposes a 14 percent tax on US companies with overseas revenue, followed by a 19 percent tax on future profits.

“As part of transitioning to a reformed international tax system, the budget would impose a one-time transition toll charge of 14 percent on the up to $2 trillion of untaxed foreign earnings that US companies have accumulated overseas,” said the budget.

The one-time revenue would go to the Highway Trust Fund, financing the President’s six-year Surface Transportation Reauthorisation proposal.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk