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Obama Calls Congress to Take Action to Stop Inversions

President Obama called for a quick fix to stop losses of tax revenue when U.S. companies set up headquarters overseas.

President Obama called for a quick fix to stop inversions. The president joins lawmakers from both parties trying to stop American firms from merging with foreign companies and moving their headquarters overseas to avoid federal taxes. Nine American companies have agreed to inversions this year including pharmaceutical giant AbbVie and food distributor Chiquita Brands. The drug store chain Walgreens, is also looking to shift its headquarters to Switzerland depending on its purchase of Alliance Boots. The White House estimates the United States could lose as much as much as $17 billion over the next decade due to inversions. Legislation looks unlikely to pass soon with a partisan disagreement about what anti-inversion legislation should look like. The Street's Kathryn Mykleseth reports from New York.

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