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Business Groups Pan Baucus Tax Changes as Uncompetitive

Business groups lined up to criticize Senate Finance Chairman Max Baucus’s international tax proposal within hours of its release, slowing the momentum he sought to build for the plan.

Baucus released a draft bill yesterday that would lower the corporate tax rate by an unspecified amount, end a rule that has encouraged companies to accumulate about $2 trillion in earnings in their foreign subsidiaries and impose a 20 percent tax on those stockpiled profits.