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Taxes On Overseas IncomeTake Center Stage At US House Hearing By Martin Vaughan O f D O WJ O N E S E W S W I R E S N 514 words 2 0 J a n u a r y2 0 1 1 11:16 M A D o w J o n e sB u s i n e s s e w s N DJON English ( c ) 2 0 1 1 D o w J o n e s& C o m p a n y , n c . I a W A S H I N G T O - ( D o w J o n e s ) -U , S , m u l t i n a t i o n a lp r e s s e d h e i r c a s ef o r e x e m p t i n g l l f o r e i g np r o f i t sf r o m U , S .t a x N s t staft, at a ThursdayHousehearing, as a corgressional debateover corporatetaxes got oFfto a contentious P!-qç!-q!'--&.Gem.þ!ç testifyingon behalf of the trade group Business C-q.(PG) Chief ExecutiveRobert McDonald, put the foreign profits issuefront and center beforethe HouseWays and MeansCommittee.He Roundtable, argued that U,S, companies'competitorsbasedin Japan and the United Kingdomhave systems that exempt most profits earned abroad. " W e ' r en o t t a l k i n ga b o u t a t a x b r e a k .W h a t w e ' r et a l k i n ga b o u t i s p a y i n gt h e s a m e a s o u r f o r e i g n - b a s e d c o m p e t i t i o n ,M c D o n a l d a i d , " s But Rep. Lloyd Doggett (D,, Tex,) calledthe idea of switchingto a territorialtax system, or one that exempts profits earned outsideU.S. borders,"a sure-fireway to continuethe export of more Americanjobs," McDonald also said companieshave askedTreasurySecretaryTim Geithnerto abandonthe positionof the administrationof PresidentBarackObamathat a corporaterate reductionshould not result in less revenueoverall for the government. g a M c D o n a l d a i d b u s i n e s s r o u p sa s k e dG e i t h n e r t o t a k e t h a t o f f t h e t a b l e f o r n o w , " H e s a i d l a w m a k e r s n d t h e s " r " a d m i n i s t r a t i o n h o u l di n s t e a df o c u so n a n o v e r h a u l h a t i s " f i s c a l l y e s p o n s i b l e ,b u t t h a t w o u l d r e s u l ti n a n e t t a x s t cut to corporations. and the first...