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High-tech industry giants such as Hewlett-Packard, IBM, Microsoft and Oracle will intensify their opposition this fall to an Obama administration proposal aimed at limiting what critics insist are offshore tax breaks, according to CongressDaily's PM Edition. This showdown over the tax deferral on corporate revenue derived from overseas operations is a major lobbying battle that will stretch well into 2010.

"This is the linchpin in American competitiveness," Phil Bond, president of TechAmerica, the nation's largest high-technology advocacy group, said at a news briefing Tuesday. "The tax provisions around overseas income are critical to allowing our companies to go overseas to compete and succeed." With the United States representing only 5 percent of the world's population, domestic companies need to reach global markets, he emphasized, adding: "We do not think that it is a good trade to sacrifice long-term jobs for short-term revenue. And we'll be making that point on the Hill."

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Tech Sector Plans Fight Over Tax Deferral

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