Businesses strategize against tax-raising measures

International companies got some welcome news this week with word that the Obama administration has put aside a plan that would increase taxes on overseas profits.

This issue has been a top priority for several industries, namely the technology sector, where many of the biggest companies derive at least half of their revenues from sales in other countries. Heavy lobbying on their part helped shelve the tax measure for the time being, but companies are strategizing on ways to fend off similar plans in the future.

Today, nearly 40 firms are meeting in Palo Alto, Calif., the heart of Silicon Valley, to discuss options they can present to lawmakers when tax rules are overhauled in larger corporate reform legislation expected next year. 

The Wall Street Journal has a good overview of how businesses have been pushing against the tax changes over the past eight months or so.

Stay tuned for more details on the next lobbying blitz on this issue.