Ryan Tax Plan Cuts Corporate Rate to 20% to Stem Inversions
- Businesses and investors get benefits in Republican blueprint
- Scant detail on how to fund cuts for companies and individuals
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U.S. corporations would get the largest federal income-tax rate cut in history, and their foreign earnings would no longer face domestic taxes when they return to the U.S. under a that House Republicans unveiled Friday.
The changes would remove incentives for U.S. companies to seek offshore tax addresses for lower tax bills, said Representative Kevin Brady, the chairman of the tax-writing House Ways and Means Committee. “America will leapfrog from dead last” among developed economies in terms of business-friendly tax policy, “to the lead pack,” said Brady, a Texas Republican.