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President Attacks Corporate Tax Havens

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President Obama introduces legislation to curbing tax havens and removing tax incentives for shipping jobs overseas. It would reverse a Clinton-era rule known as "check the box," which permits firms to easily transfer cash between countries. Bill Clinton's "Check the Box Plan" is used to shift income away from higher-tax countries like the United States and to Third World tax havens such as Bermuda and the Cayman Islands.

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