WASHINGTON, March 24 (UPI) -- Senate GOP leaders failed Wednesday in their effort to push through a corporate tax overhaul bill in the face of Democratic efforts to amend the measure.
The Senate did not approve a procedural move that would have limited debate on a bill to repeal the foreign sales corporation/extraterritorial income tax exclusion and replace it with billions of dollars in tax breaks for manufacturing interests.
While there is strong bipartisan support for the overall aim of repealing the breaks -- deemed illegal by the World Trade Organization a year and half ago -- the House and Senate bills have become unruly vehicles for members of both parties to push their political agendas.
While supporters of the changes say the law must be amended to remove millions of dollars in trade sanctions imposed on imported U.S. goods March 1 by the European Union, the effort faces an uncertain future.
