(Bloomberg) — Republican lawmakers are doing something surprising with President Barack Obama's proposal to tax U.S. companies' overseas profits. They're calling it constructive.
Top members of the committees focused on taxes in Congress say they see Obama's latest plan as a place to start negotiations toward a revamped business tax system that would lower rates, remove breaks and make it easier for companies to bring home their foreign profits.
"They seem to be moving in the right direction," Representative Charles Boustany, a Louisiana Republican, said in an interview. "We have an opening to test their intent on reform, so we'll work to put proposals forward and see if they're willing to bite on it."
After years of stalemate on revamping the tax code, lawmakers say they need to move quickly to explore a possible deal before momentum fades and the 2016 presidential election takes attention away.
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