The Obama administration was expected to close loopholes that currently allow U.S. companies to pay very little tax on much of what they earn abroad. But the proposals, which were projected to raise more than $200 billion in new revenues for the U.S. Treasury over ten years, are now off the table, the paper reported.
Tax consultant Robert Willens was stunned by Tuesday's report.
"I was well aware of the lobbying that was going on, but I thought
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