National Economic Council Director Gary Cohn said Sunday that the Trump administration's proposed tax on offshore profits would be in the "10% range."
The long-awaited tax framework unveiled by White House advisers and congressional leaders last week didn't specify the rates for the one-time tax U.S. companies would be subject to for their accumulated offshore profits. The plan just said there would be a higher rate for income held in cash compared to the rate for less liquid investments.
Cohn, a member of the so-called Big Six involved in the tax negotiations, didn't elaborate during an interview on Fox News' "Sunday Morning Futures" on whether the range he mentioned would apply to cash or non-cash holdings.
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