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Obama takes aim at firms that shift profits overseas to avoid taxes
Obama takes aim at firms that shift profits overseas to avoid taxes

The Obama administration called out corporate America for its growing use of a tactic to avoid paying taxes and urged lawmakers to act quickly to put a halt to the maneuver. In a sharply worded letter to key congressional tax code writers, Treasury Secretary Jacob J. Lew pushed for legislation that would make it more difficult for U.S. companies to reorganize as foreign firms in lower-tax nations. The practice, known as inversion, enables the new company to avoid paying the high U.S. corporate tax rate on its foreign earnings. "What we need as a nation is a new sense of economic patriotism where we all rise and fall together," Lew wrote in the letter to lawmakers. "We...

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