At first, it seemed like an idea the White House, Congress and corporate America could all agree on. Every company would play by the same tax rules: They would give up their special tax breaks in exchange for lowering the basic tax rate from 35 percent to as little as 25 percent.
But with Congress starting to dig into the details, many captains of industry are backpedaling — and fast.
The corporations aren’t keen on giving up the special tax breaks that have let many of them pay Uncle Sam less than advertised for years.
And they’ve gone on the offense to protect their favorite loopholes.
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