The provision in the farm bill that offsets farm programs merely closes a loophole that allows a limited number of U.S. subsidiaries of foreign companies to avoid taxes.
It is aimed at companies headquartered in tax havens such as Bermuda, with which the United States has no tax treaty.
Subsidiaries avoid a tax bite by funneling earnings through European countries that have reciprocal tax-reduction arrangements with the United States.
Guess what, Republicans are against closing this corproate welfare loophole. Why are we not surprised.
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