Democrats seek international tax reform

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Key Senate Democrats suggested Tuesday that they would like to pursue an overhaul of the taxation of businesses' international earnings this year, reviving an effort that flagged late last year.

"If we could get it done this year, I'm game to do it," said Sen. Chuck Schumer, D-N.Y., speaking at a hearing on business taxes.

The overhaul in question would not be a major tax reform of the kind that has eluded lawmakers in recent years. Instead, it would change the way companies are taxed on income earned overseas with the purpose of relieving the pressure that U.S. companies face to move their headquarters out of the country.

"I believe we've gotta do something about inversions," said Schumer, referring to the tax maneuver by which companies have been moving their headquarters to low-tax jurisdictions in increasing numbers. "I believe we have to make our companies competitive, and international reform is a lot easier to bite off than broad corporate tax reform."