DEBT FINANCING. U.S. may end up with taxes on some profits abroad: WSJ

CHICAGO (Reuters)-the treasure is weighing a proposal to eliminate some but not all, of taxes on overseas profits of US companies, the Wall Street Journal reported on Saturday, citing two people familiar with the deliberations.
Eliminate taxes on some of the profits is a central element of broader plans of the Obama administration to review the corporate tax code, said the newspaper.
Business long have complained that the tax system overseas profits hits companies companies that often have already paid American were taxed in countries where the profits were conquered.
The details of the plan, including what profits would be excluded from taxation, could not be learned, told the newspaper.
A spokesman for the Treasury Department refused to comment on the newspaper, saying that no final decision has been made.
Reuters could not reach immediately a spokesman on the Treasury.
(Reports by Brad Dorfman, edited by Sandra Maler)

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