Economy News Headlines - Yahoo! News: Insight: How U.S. Treasury's tax loophole mistake saves companies billions each year

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Insight: How U.S. Treasury's tax loophole mistake saves companies billions each year May 30th 2013, 23:56 By Kevin Drawbaugh and Andy Sullivan WASHINGTON (Reuters) - As the U.S. economy crumbled in early 2009, President Barack Obama offered a plan that he said would save American jobs: a crackdown on corporate tax loopholes that encourage companies to send profits abroad to avoid paying billions of dollars in U.S. taxes each year. Tax lobbyist Ken Kies was not worried. A decade earlier, he had led a fight to preserve a key loophole - known in Treasury Department shorthand as the "check the box" rule - when another Democratic president, Bill Clinton, had tried to kill it. ... Media files: 2013-05-30T235603Z_1_CBRE94T1UI100_RTROPTP_2_USA-TAX-APPLE.JPG (image/jpeg)

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