Republican Win a Tax Boon for Companies, High Earners
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Americans with the highest incomes and U.S. corporations, especially those with international operations, stand to be big winners as newly elected congressional Republicans signal they will extend existing tax benefits and push for new ones.
Republicans will use their new majority in the House to bolster their campaign to extend Bush-era tax cuts for couples earning more than $250,000. They’ll also side with companies such as International Business Machines Corp., Microsoft Corp., Blackstone Group LP and Occidental Petroleum Corp., which have lobbied against President Barack Obama’s proposals to increase taxes on overseas profits.