U.S. businesses are divided on how to overhaul corporate taxes

10/28/2010 | Financial Times (free content)

President Barack Obama has told business leaders that he is willing to look at overhauling the corporate tax structure, but any reform would have to be deficit neutral, and lowering the 35% tax rate would have to be offset by eliminating some deductions. However, businesses can't agree on which tax breaks to give up, as multinationals want to keep the regulations that let them defer taxes on their foreign income, while technology and pharmaceutical companies want to keep the ability to transfer profits from intellectual-property rights to nations with lower taxes.

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