(Bloomberg) — Republican lawmakers are doing something surprising with President Barack Obama's proposal to tax U.S. companies' overseas profits. They're calling it constructive.

Top members of the committees focused on taxes in Congress say they see Obama's latest plan as a place to start negotiations toward a revamped business tax system that would lower rates, remove breaks and make it easier for companies to bring home their foreign profits.

"They seem to be moving in the right direction," Representative Charles Boustany, a Louisiana Republican, said in an interview. "We have an opening to test their intent on reform, so we'll work to put proposals forward and see if they're willing to bite on it."

After years of stalemate on revamping the tax code, lawmakers say they need to move quickly to explore a possible deal before momentum fades and the 2016 presidential election takes attention away.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.