There were reports last week that House Ways and Means Chairman Dave Camp (R-MI) is set to release sometime in the near future an overhaul of the corporate tax code from the current hybrid international system, in which most foreign earnings are taxed when they are moved into the U.S., to a territorial system similar to those that have been embraced by other advanced economies where such earnings are in most cases, taxed only locally. Although specifics will not be known until the plan is unveiled, early reports indicate that the plan would also lower the corporate tax rate to about 28 percent. The revenue lost by lowering the rate would be regained by repealing some corporate tax deductions. One aspect of tax reform that Representative Camp is not said to be in favor of is a repatriation tax holiday, although proponents of the repatriation idea, including House Majority Leader Eric Cantor (R-VA) and Senator Charles E. Schumer (D-NY) have noted that a tax holiday could be part of a compromise bill. Additionally, administration officials have said that the policy is only worth considering in the context of a broader overhaul of the corporate tax system. However, even if Chairman Camp were to unveil his plan, it remains unclear if there is enough consensus in Congress to approve any type of major tax overhaul.