Correction: Taxes-Offshore Profits story

AP News
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Posted: Oct 27, 2011 12:34 PM
Correction: Taxes-Offshore Profits story

In a story Oct. 26 about a plan by Rep. David Camp, R-Mich., to exempt 95 percent of U.S. companies' overseas profits from taxes, The Associated Press erroneously reported that the remaining profits would be taxed at a rate of 5 percent. The maximum tax rate on those profits would be 25 percent, not 5 percent.