Jeb Bush tax plan calls for territorial tax system, deemed repatriation of existing overseas profits

US presidential candidate Jeb Bush unveiled his tax plan in The Wall Street Journal on September 8, proposing a 20 percent corporate tax rate, limits on tax deductions, and a move to a territorial tax system coupled with “a one-time tax of 8.75%, payable over 10 years, on the more than $2 trillion in corporate profits sitting overseas.” See: The Wall Street Journal.