D. C. , and here with me in new york is bloombergs own News Reporter carolyn chen. What is tax and version . Its when a u. S. Company acquires a Foreign Company thats at least 25 of its size and moves its illegal tax address outside the u. S. This usually has two benefits. Ours, the u. S. Tax rate is 35 , the highest Corporate Tax rate. Second, you get access to oversee overseas cash without having to pay to repatriate it, to bring it back home. What is the administrations position . The administration asked congress to recognize that we need fundamental tax reform. And that is the problem. The u. S. Tax code is out of line with its largest competitors. The rates are too high. The worldwide basis to broad. That has been the case for many years and there has been no effort by the white house to change it. What they have argued for is a stopgap measure, one where you would change the test of ownership, where ownership and control actually ride in the United States and they would disallow
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