BUSINESS
01/10/2013 08:44 am ET | Updated Mar 12, 2013

CBO: GOP Corporate Tax Proposal Just Pushes Jobs Overseas

Under current U.S. tax law, corporations are allowed to defer paying taxes on their overseas profits, resulting in lost revenue for the federal government of up to $10 billion per year. President Obama has proposed doing away with this policy, somewhat, by restricting the use of tax credits until corporations bring those overseas profits back to the U.S. and pay taxes on them.

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