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The U.S. lost $510 billion in business assets that were acquired by foreign companies from 2004 to 2016 in part because its corporate income tax rate exceeds other countries’, according to a study released Tuesday by a group of top U.S. business leaders.

Cutting the U.S. corporate rate to 20% from the current 35% would have meant a net gain of $1.2 trillion in such assets and would have kept 4,700 companies in America over that period, said the study from the Business Roundtable, a group of CEOs from dozens of corporations. The group includes the heads of Apple, JPMorgan Chase, Exxon Mobil, Boeing and others.

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