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U.S. House tax chairman proposes tweaks to tax-cut bill

Reuters  |  WASHINGTON 

(Reuters) - A proposed on $2.6 trillion in foreign profits held offshore by U.S. multinational corporations would be raised under an offered on Thursday by the chairman of the U.S. House of Representatives committee to his own tax-cut bill.

Texas Republican Representative Kevin called for raising the to 14 percent for cash and liquid assets and 7 percent for illiquid assets, up from his earlier proposal of 12 percent and 5 percent, respectively.

The proposed increase would raise more federal revenue under the bill being offered by House Republicans, with Senate Republicans offering a separate bill.

(Reporting by Kevin Drawbaugh; Editing by Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 10 2017. 00:42 IST