Biden wants to crack down on corporate tax loopholes, resuming a battle his predecessors lost David J. Lynch President Biden speaks in the East Room of the White House last week. (Andrew Harnik/AP) President Biden wants to stop U.S. companies from hiding their profits in offshore tax havens such as the Cayman Islands and Bermuda. He’ll hardly be the first Oval Office occupant to try. When President Barack Obama wanted to stop U.S. corporations from using a tax dodge he scorned as “unpatriotic,” the Treasury Department rewrote the rules governing cross-border deals known as inversions. Such maneuvers allowed U.S. multinational corporations to effectively transform themselves for tax purposes into foreign companies by merging with an overseas business. American icons such as Sara Lee had used the technique in recent years and dozens of other companies were said to be readying similar moves when the Treasury Department acted in September 2014. Biden
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