Business: Tax Squeeze Overseas

A costly bill is dulling the U.S. 's competitive edge

Paying income taxes is a headache at best, but not knowing how much you owe calls for a double gulp of Excedrin. For the second year in a row, 150,000 Americans working abroad face that situation as a result of a 1976 tax code amendment that would sharply increase their taxes. The amendment would add much to the costs of firms doing business abroad and hurt the nation's trade balance by making it harder to sell U.S. goods and services in foreign countries. Businessmen have protested so persuasively that Congress delayed enactment...

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