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.
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This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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