August 8, 2007 02:20 PM | | Bookmark and Share

The farm bill passed by the U.S. House of Representatives on July 27 includes a provision proposed by Congressman Lloyd Doggett of Texas to close a tax loophole that currently allows foreign companies doing business in the U.S. to dodge taxes on their U.S. profits — which gives these foreign companies an advantage that American firms don’t have. Unfortunately, the chairmen of the relevant committees in the Senate have indicated to the press that they are unlikely to include this provision in their version of the farm bill. They should reconsider.

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