Blue states target overseas corporate profits with new tax hikes

Democratic leaders in at least two states want to raise taxes on overseas corporate profits as budgets tighten and federal spending cuts loom. 

A Massachusetts bill sponsored by a majority of lawmakers would hike taxes on earnings known as global intangible low-taxed income, or GILTI, by including 50% of such earnings in corporate income tax calculations. Right now only 5% of such earnings are included.