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May 5 (Bloomberg) — President Barack Obama’s plan to end
tax breaks for U.S.-based multinational companies drew a
skeptical response from fellow Democrats on Capitol Hill,
indicating that his plan may face obstacles on its path through
Congress.
Senate Finance Committee Chairman Max Baucus, a Montana
Democrat, called for “further study” of Obama’s proposals
within minutes of the president’s announcement yesterday.
Representative Joseph Crowley, a Democrat on the tax-writing
House Ways and Means Committee, said he’s wary because the tax
changes would hurt Citigroup Inc., his New York district’s
largest private-sector employer.
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Other Democrats, including House Ways and Means Committee
Chairman Charles Rangel of New York, support the proposal. Some
lawmakers, including Iowa Senator Charles Grassley, the ranking
Republican on the Senate finance panel, are still weighing the
plan. |
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