Monday, July 21
(Undated) -- Congress is being urged to shut down a popular tax loophole for U.S corporations. The Obama administration is calling for immediate action to stop American companies from merging outside the U.S. to avoid paying taxes. The so-called "cross-border" mergers have gained popularity in the past year, especially in the pharmaceutical industry. Senate Majority Leader Harry Reid said Wednesday he's in favor of advancing legislation that would close the loophole quickly.