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Businesses could lose billions from corporate-tax rate cut
Some of the biggest U.S. corporations stand to take big write-downs if Congress cuts the 35% corporate-tax rate. That would require companies including American International Group, Citigroup and Ford Motor to trim the value of their "deferred tax assets." Citigroup could take a $4 billion to $5 billion charge against earnings because its DTAs would be worth less.
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