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AbbVie-Shire deal puts more pressure on Congress to overhaul tax code
AbbVie-Shire deal puts more pressure on Congress to overhaul tax code

A massive pharmaceutical merger that will send the headquarters of a major U.S. drug maker overseas ramps up pressure on Congress to curtail the ability of companies to shelter foreign earnings. Illinois drug maker AbbVie Inc. said Friday that it would buy European rival Shire for $55 billion and reincorporate in Britain. The move would enable AbbVie, maker of the arthritis drug Humira, to slash its overall tax rate. The deal stands out as a major marker in the escalating debate in Washington about so-called inversions, in which an American multinational company buys a foreign competitor and restructures abroad to avoid paying the high U.S. corporate tax rate on offshore earnings. ...

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