Article: O'Neill Says Tax Code Is Too Complex

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NEW YORK (AP) _ Treasury Secretary Paul O'Neill said Tuesday he believed the complexity of the U.S. tax code was driving some companies to relocate to Bermuda and urged that tax regulations be simplified.

"Our tax code is an abomination," he said.

He made the comment in response to a question about corporate relocations following a speech to the Greater New York Volunteer Committee, which promotes sales of U.S. Savings Bonds.

A number of American companies _ including Ingersoll-Rand Inc., Tyco International, Cooper Industries, The Stanley Works and Nabors Industries Inc. _ have reincorporated in Bermuda or are in the process of doing so. Moving their ...

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