Treasury Weighing Tax Cuts On Overseas Profits Of U.S. Companies

The Treasury is weighing a proposal to eliminate some, but not all, of the taxes on overseas profits of U.S.-based companies, the Wall Street Journal reported on Saturday, citing two people familiar with the deliberations.

Eliminating the taxes on some of the profits is a central element of the Obama administration's broader plans to overhaul the corporate tax code, the newspaper said.