Firms Fight Overseas Tax Changes Worth Billions

Overseas tax reform plans in the works under President Obama would put a serious squeeze on top firms, which under current law can store foreign income abroad indefinitely, reports the Wall Street Journal. Ten of the biggest companies earned $58 billion in 2008 that’s now sheltered overseas—money that could bring $20 billion in tax revenue.

The administration is hoping a change in the law could pull in some $210 billion between 2011 and 2019, and Obama’s 2011 budget calls for “reform.” But 200 firms have written to Congress opposing the move. “This one hits the bottom line of companies more than any other issue right now,” said a tech lobbyist. "We have to defeat it."