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Foreign Profits Threaten Tax Deal

Business groups want to eliminate most taxes on overseas profits.

By Richard Rubin, Bloomberg | Updated on February 23, 2012

President Barack Obama’s belief that the U.S. tax system pushes jobs overseas and Republican assertions that multinational companies are disadvantaged will make compromise on a new corporate tax code difficult.

Even as business groups and Republican lawmakers praised the administration’s call yesterday for a lower corporate tax rate, they insisted that ending most taxes on foreign profits is an essential part of what ought be a larger overhaul of the tax code.

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