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House Panel Said to Eye Higher Rate on Offshore Cash Piles

Ways and Means Committee Chairman Brady said considering boosting the rate to 14% from 12% on cash.

By Kaustuv Basu, Bloomberg | Updated on November 09, 2017

The House’s chief tax writer is considering higher tax rates on trillions of dollars of overseas income that U.S. companies have stockpiled over the years, according to a person familiar with efforts to revise the House tax bill.

House Ways and Means Chairman Kevin Brady is thinking about boosting the proposed rates in the bill to 14% on income held as cash and 7% on non-cash holdings, said the person, who asked not to be named because final decisions haven’t been made.

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