Reuters

Overhauling U.S. tax rules on overseas earnings could bring about $1 trillion back to the U.S. immediately and boost the economy, according to a new study sponsored by a business group seeking the change.

The report by former Clinton administration economist Laura Tyson and two co-authors was sponsored by a group of U.S. firms, the Alliance for Competitive Taxation, which is pushing for the U.S. to adopt the kind of tax system already in use in most other developed countries.

The report is part of a push by big business to get Congress to switch from the current system, in which corporate income taxes are figured both on U.S. firms’ domestic earnings and on international earnings they bring home, to one in which the tax is imposed only on the money firms earn at home, a system known as territorial taxation…