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Kevin Brady

Obama praises Treasury steps to deter 'tax inversions'

President Barack Obama on Tuesday championed new federal steps to discourage corporate tax dodging through a practice known as "inversions" and called on Congress to close the loophole "for good."

Obama called it "one of the most insidious tax loopholes out there," saying it shortchanges the country. He said less tax revenue from corporations that fail to pay their fair share means the government can't spend more on schools, transportation networks and other things to keep the economy strong. He said the practice also hurts the middle class because "that lost revenue has to be made up somewhere."

He commented a day after the Treasury...

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