Rep. Camp Proposes Tax Exemption for Foreign Income

House Ways and Means Committee Chairman Dave Camp, R-Mich., is proposing an exemption for most of corporations’ foreign income from taxes, The Hill reports.

The idea is to shift to a territorial system, which would free 95 percent of a company’s overseas income from U.S. taxes, according to lobbyists and media reports. Requiring companies to repatriate foreign profits would help finance the move to a territorial system.

Such a change could help jump-start the sluggish economy, Camp told CNBC this morning.

“That’s what I’m actually doing on this proposal today is, how do we get our U.S. economy moving again?” he said. “That’s bring our international tax laws, which have not been revised for about 50 years, up to the modern world.”