Financial Executives International has written to congressional leaders criticizing President Obama’s proposal to close foreign tax credit loopholes in exchange for making the research & development tax credit permanent.

Obama proposed this month to extend the R&D credit and allow companies to deduct 100 percent of their capital investments in plant and equipment through the end of 2011. The cost of the tax credits and about $50 billion in infrastructure spending on building roads, railroads and airports would be offset largely by cracking down on multinational companies that take advantage of foreign tax credits and have been blamed by the White House for shipping jobs overseas.

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