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Senator Sees Hope For Obama-Led Tax Code Reform
Date: 10/6/2010
Written By: Reuters [Also appeared in CNBC], By Kim Dixon

Excerpt: After tackling the behemoths of healthcare and financial reform, a senator said on Wednesday he believed President Barack Obama might turn to reforming the byzantine and widely-hated U.S. tax code. Democratic Senator Ron Wyden, the author with Republican Judd Gregg of the only bipartisan plan to overhaul the tax code, said he saw a sliver of light this week when Obama said he wanted to find ways to lower the corporate tax rate - a cornerstone of their plan... U.S.-based multinational companies, which would see lower corporate taxes, worry they will be vilified for "outsourcing jobs overseas," a lobbyist for multinational companies said. "I think the political rhetoric of companies taking jobs overseas is not helpful," said Cathy Schultz, of the National Foreign Trade Council. "We are hopeful that as any tax reform discussion moves forward that we can tone down the accusations, and take a serious look at how the tax system should be structured to take into consideration that companies operate in a global marketplace," she added.