UPDATE 2-Obama plans 19 pct tax on U.S. companies' foreign earnings
February 01, 2015 at 11:36 AM EST
WASHINGTON, Feb 1 (Reuters) - President Barack Obama's fiscal 2016 budget proposes a 19 percent tax on U.S. companies future foreign earnings and a one-time 14 percent tax on roughly $2 trillion of profits being held offshore, the White House said on Sunday.