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The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday. The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands. Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies' own financial filings with the Securities and Exchange Commission to reach their conclusions.
PARIS (AP) — The sky was the limit for Karl Lagerfeld, who re-created an entire airport under Paris' Grand Palais in Chanel's blockbuster aviation-themed show at Paris Fashion Week — just as violent protests by real-life aviation workers were taking place elsewhere in the capital.
By Krista Hughes and Roberta Rampton WASHINGTON (Reuters) - U.S. President Barack Obama kicked off a sales pitch on Tuesday for a 12-nation Pacific Rim trade agreement, urging farmers to push their lawmakers to approve what he called a "generational deal." Although ultimate winners and losers from the Trans-Pacific Partnership (TPP) are still unclear, some Republicans are worried about its impact on industries including dairy, tobacco and pharmaceuticals, highlighting the battle ahead to win votes. Obama was upbeat about winning support in the Republican-controlled Congress for the pact, which will cut trade barriers and expand access to 40 percent of the world economy. "Ultimately we’re going to get this done, and it will be an enormous achievement for us to be able to make sure that 40 percent of the world’s economy is operating under rules that don’t hurt us," Obama told agricultural and business leaders gathered at the U.S. Agriculture Department.