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Washington Roundup

In Search for Deficit Busters, CBO Eyes Offshore Profits

By Mari Serebrov
Washington Editor

Friday, January 18, 2013

With Congress searching for ways to reign in the federal deficit, the Congressional Budget Office (CBO) has a suggestion: Change the way offshore profits of multinational companies are taxed.

While biopharma and other multinational companies might chafe at the bit, the CBO noted that moving closer to a purely worldwide corporate tax system that limits or eliminates deferral of U.S. taxes on income earned abroad could boost tax revenues by more than $100 billion over a 10-year period.

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