Hundreds of business leaders who are part of a trio of advocacy groups have signed a letter calling on Congress and President Obama to close corporate tax haven loopholes that cost the U.S. Treasury $100 billion a year.

The letter urges the Obama administration and Congress to reject “revenue neutral” corporate tax reform in a fiscal cliff deal that would have the effect of essentially locking in today’s historically low levels of corporate tax receipts. The business leaders encouraged lawmakers and the President to restore tax revenues lost to corporate tax avoidance and resist lobbying by CEOs to create a territorial tax system that would reward corporations for shifting more U.S. profits and jobs overseas.

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