Reagan to Request End of Dual Corporate Taxation
WASHINGTON (AP) - President Reagan, under pressure from Britain and Japan, said Friday he would ask Congress to prohibit states from taxing foreign income of multinational corporations.
Six states - California, Alaska, Idaho, Montana, New Hampshire and North Dakota - would be affected immediately.
Those states now consider a corporation's entire earnings, foreign and domestic, in determining the amount that is subject to state corporate taxes. California has by far the biggest stake in the debate, up to $500 million a year.
West European nations and Japan have complained repeatedly that the practice - known as unitary taxation - is unfair.
In a written …
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Publication information: Article title: Reagan to Request End of Dual Corporate Taxation. Contributors: Not available. Newspaper title: THE JOURNAL RECORD. Publication date: November 9, 1985. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.
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