WSJ — In Praise of Lobbyists, Big business kills a damaging tax increase on overseas profits.

Raising taxes on the overseas profits of American firms has been a central plank of Barack Obama’s agenda since his campaign for President in 2008. The proposal was featured in the President’s budget in February and was the focus of a May speech in which he said that corporations were “shirking” their responsibility to support his huge increases in federal spending through higher tax payments.

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