"I was born in a very small town in North Dakota, a town of only about 350 people. I lived there until I was 13. It was a marvelous advantage to grow up in a small town where you knew everybody."

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In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.

— John F. Kennedy