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The last thing America needs is job losses. That’s what we’ll get if the Biden administration doesn’t reverse its plan to double-tax some of the country’s largest corporations.
Earlier this year, the Treasury Department finalized regulations that could have a disastrous impact on American businesses operating in foreign countries. In President Biden’s most influential tax change yet, the Treasury limited the ability of companies to claim Section 901 foreign tax credits for income taxes paid in foreign countries. Some businesses will have to pay domestic corporate income taxes on top of the foreign taxes they already pay.
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