A Brake on Corporate Tax Breaks

Congress begins to rethink some of last year's largesse

A little more than six months ago, Congress granted U.S. business major tax cuts that were designed to spur investment in job-creating factories and to increase industrial productivity. That legislative largesse enabled some highly profitable companies to reduce tax bills greatly. Now, with Congress trying to find ways to slash the gargantuan federal budget deficits, Senate Finance Committee Chairman Robert Dole and other congressional leaders want to rescind some of their generosity.

Corporate accountants have long been worked hard to find ways to trim...

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