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Under current law, shareholders of a U.S. company that merged with an offshore entity would have to own less than 80 percent of the combined entity to take advantage of a lower foreign tax rate. Obama’s budget proposes slashing that cutoff to 50 percent.

Administration officials estimate the deals, if allowed to continue, will cost the U.S. Treasury $17 billion in lost revenue over the next decade.

Read more at: http://www.statejournal.com/story/26100882/obama-wants-limits-on-us-company-mergers-abroad