Another way might be to end deferral for countries with tax rates that are too far below the U.S. rate.

A third approach might be to end deferral for profits made in the production of goods that are then imported into the United States.

Trump would impose a one-time 10 percent "deemed repatriation" tax on deferred corporate overseas profits and would end deferral of income from foreign subsidiaries.

In addition, lobbyists said they have talked to the administration about ending deferral and exempting foreign profits from taxation.