Press: 2013

Financial Times (November 25, 2013)

Edward Kleinbard was quoted about corporate tax loopholes leading to large tax revenue shortfalls around the globe.

The Wall Street Journal (November 23, 2013)

Edward Kleinbard was quoted about a corporate tax reform plan by Senator Max Baucus. “The plan will make it tougher for companies to claim profits in low-tax countries. This is obviously bad news for tech firms and pharmas and others that have effective tax rates in the single digits,” he said.

Bloomberg Businessweek (November 21, 2013)

Edward Kleinbard was quoted about Senate Finance Chairman Max Baucus's international tax plan and the outcomes on companies. “The package reduces the opportunities for large-scale stateless income strategies both by U.S. multinationals and by foreign multinationals doing business in the United States,” he said.

The New York Times (November 5, 2013)

Edward Kleinbard was quoted about the Republican Party's views on capital gains income. “They’re still paying much lower rates because their income is dominated by capital gains and dividends. As long as those forms of income are taxed at a preferential rate, the rich are going to benefit the most,” he said.

The Washington Post (October 25, 2013)

Edward Kleinbard was quoted about an economist advocating for corporate tax reform. “With Marty, it’s hard to pigeonhole him as having any ideology other than a stubborn attachment to common sense,” he said.

Reuters (October 16, 2013)

Edward Kleinbard was quoted about corporate tax havens in Ireland. "The specific legislation ... proposed appears on its face to be relevant basically only to Apple," he said.

The Washington Post (October 15, 2013)

An op-ed ran by Edward Kleinbard about the Affordable Care Act and its role in the government shutdown. He noted that the federal government has been subsidizing employee healthcare coverage for decades, with the cost going as high as $250 billion per year. “Cash salary and bonuses are taxable income,” Kleinbard wrote, “while the value of healthcare costs paid by your employer go ignored. If you claim to stand on principle in your demands to destroy the Affordable Care Act, first give back the $250 billion you've been taking every year in government help."

Forbes (October 8, 2013)

Edward Kleinbard was quoted about problems with the American income tax. “It’s outcomes that we should care about. The purpose of taxation ultimately is to spend money, not to collect money artfully,” he said.

Financial Times (U.K.) (September 20, 2013)

Edward Kleinbard was quoted about U.K. income tax policies.

Reuters (September 20, 2013)

Edward Kleinbard was quoted about corporate lobbying against tax reform. "U.S. firms have designed a good deal of their domestic lobbying on BEPS along the lines that BEPS is all about bashing American success,” he said.

The Hill (August 17, 2013)

Edward Kleinbard was quoted about the Joint Committee on Taxation’s role in tax reform in the U.S. “There are no do-overs or makeups in revenue estimating. JCT will do its best, as it always does, and economic life will evolve in whatever direction it happens to take,” he said.

Bloomberg News (August 14, 2013)

Edward Kleinbard was quoted about multinational companies' ability to avoid paying taxes, a loophole that he has termed “stateless income.” “Every country is revenue-hungry. Countries see very large gaps in their corporate tax collections,” he said.

ABC 'Radio National' (August 11, 2013)

Edward Kleinbard was quoted in regards to the OECD’s action plan to stop multinational corporations like Apple and Google from shifting their profits to low tax jurisdictions and tax havens. “Starbucks is more frightening because if Starbucks can do it any firm can. Starbucks is not new economy, its old economy,” he said.

Orlando Sentinel (August 10, 2013)

Edward Kleinbard was quoted in regards to Florida companies stashing billions abroad and avoiding U.S. taxes. “There is no prospect of corporate-tax reform without resolving this issue,” he said.

The Washington Post (August 7, 2013)

Edward Kleinbard was quoted about Amazon’s preparation for an overhaul of the tax code. “Companies are very concerned that they will be sold down the river by other multinationals with different priorities, so people hire a lot of lobbyists and try to make sure they’re not the ox that gets gored,” he said.

Forbes (August 6, 2013)

Edward Kleinbard was mentioned in regards to being credited with coming up with the concept of “stateless income.”

Bloomberg News (July 31, 2013)

Edward Kleinbard was cited regarding President Obama’s latest income tax proposals.

The Global Mail (July 26, 2013)

Edward Kleinbard was quoted about “stateless income” and international tax rules. Australian Broadcasting Corporation also quoted Kleinbard about the subject. “Now, not all that $2 trillion is cash; some is invested in real subsidiaries doing real things, but about 40 per cent is cash,” he said.

Reuters (July 24, 2013)

Edward Kleinbard was quoted about corporate taxation and “Stateless Income,” a term he coined in a 2007 research paper. "I have not heard the IRS use the term before,” he said.

The New York Times (July 24, 2013)

Edward Kleinbard was quoted about a novel tax strategy considered by Dell. Kleinbard called the strategy “a twist on the old corporation inversion that relies on the fact that U.S. companies can dress up their foreign entities in different costumes for different tax purposes.”

BNA Daily Tax Report (July 15, 2013)

Edward D. Kleinbard was quoted about the outcome of ‘tax-shaming’ corporations, “But that occurs only if the public is on board with the idea of pressing companies into paying taxes the companies made a legal effort to avoid; in the United States, it is hard to whip up public outrage over issues like tax shelters and transfer pricing…We don't have the same kind of public engagement in the United States with respect to these issues,” Kleinbard said.

CNN Money (July 10, 2013)

Edward D. Kleinbard was quoted about the U.S. debate over corporate taxes, “It's a myth that all the money is ‘trapped’ abroad. And it's not clear just how much of a spur it would be to the economy if it were repatriated. As it is, a significant portion of that $1.8 trillion is already at work in the United States albeit not necessarily in the best way for the economy,” Kleinbard noted.

The Economist (June 22, 2013)

Edward Kleinbard's study, "Through a Latte, Darkly: Starbuck's Stateless Income Planning," showing how Starbucks has largely avoided paying tax in Britain, was featured. "Kleinbard shows that current tax rules make it easy for all sorts of firms to generate what he calls 'stateless income': profit subject to tax in a jurisdiction that is neither the location of the factors of production that generate income nor where the parent firm is domiciled. In Starbucks case, the firm has in effect turned the process of making an expensive cup of coffee into intellectual property," according to the story. The Sydney Morning Herald also cited Kleinbard's study.

The Irish Times (June 14, 2013)

Edward D. Kleinbard was highlighted for speaking before the House Ways and Means Committee hearing saying that U.S. multinationals like Apple had created “stateless income” by shifting profits to countries where they had to pay little or no taxes.

Reuters (June 13, 2013)

Edward D. Kleinbard spoke before a hearing by the House Ways and Means Committee. Kleinbard called for more transparency from multinational companies regarding where their income is earned and the tax rates they paid around the world.

The Fiscal Times (U.K.) (June 13, 2013)

Edward D. Kleinbard was highlighted for speaking before the House Ways and Means Committee hearing. Kleinbard called for Congress to allow tax revenue gained from the elimination of tax havens to fund worker education, “Use the tax revenues to fund the programs that are designed to address joblessness, that are designed to address poverty,” he said.

CNBC (June 10, 2013)

Edward D. Kleinbard was quoted about Congressional discussions over tax reform.

The New York Times (May 30, 2013)

Edward D. Kleinbard wrote an op-ed about the need for transparency in tax reform; “Sunshine laws in the word’s major economies are the answer,” he wrote. Kleinbard said that though many reform proposals have been brought forth, transparency will pave the way for the legislative battles that are sure to follow.

Bloomberg (May 29, 2013)

Edward D. Kleinbard was quoted about multinationals avoiding corporate taxes and generating income by selling bonds. “There’s this giant arbitrage game going on,” he said, “firms are leaving their worldwide interest expense in the United States, where they’re deducting that interest against their highest-taxed income in the world, and getting cash to fund dividends or stock buybacks.”

The New York Times (May 28, 2013)

Edward D. Kleinbard was quoted about Apples defense to lawmakers inquiring about how its creative financial techniques contributed to its low business tax payments. Kleinbard commented on Apple’s defense that, everybody does it, “If Starbucks could generate so much ‘stateless’ income — beyond the reach of tax authorities both where it makes and sells the Frappuccino’s and where it is incorporated as a company — any multinational firm can.”

The Los Angeles Times (May 28, 2013)

Edward D. Kleinbard commented in regards to Apple’s recent tax evasion scandal, “Apple effectively is repatriating $16 billion of this hoard tax-free….the company will balance the interest income on its overseas billions with an interest write-off in the U.S., and will distribute it to shareholders via the buyback…Apple is not alone in its chicanery.” Kleinbard estimates "stateless income" earned by U.S. multinational corporations but untaxed run as high as $1.7 trillion, allowing U.S. companies to reduce their effective federal tax rate from the statutory 35% to an average of about 29%, although some big companies have gotten down to single digits or even zero.

The Washington Post (May 23, 2013)

Edward D. Kleinbard was interviewed about the U.S. corporate tax system in light of Apple’s tax evasion dispute. “It’s exactly like a trade war,” said Kleinbard. “We’ve never had any progress in multilateral tax agreements. But that’s really what we need right now. … We need a cease-fire.”

Financial Times (U.K.) (May 23, 2013)

Edward Kleinbard was interviewed about the Apple tax probe. He said there was a “logical contradiction” in the UK’s expression of outrage at companies that stripped income out of the UK at the same time as engaging in “beggar thy neighbor” policies. He said: “It is a trade war by another name – fought with income tax policies rather than tariffs. You can’t assert leadership in moving to a more economically neutral and appropriate paradigm if you are knee deep in the game.”

The Economist (May 23, 2013)

Edward D. Kleinbard was mentioned in a story on Apple. He said the recent revelations about Apple have encouraged supporters of reform to start discussing a minimum corporate tax rate of, say, 15% on foreign income.

BBC Radio World Service (May 22, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s tax evasion scandal.

NPR “On Point” (May 22, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s recent tax evasion scandal.

The Los Angeles Times (May 22, 2013)

Edward D. Kleinbard was quoted about the tax controversy surrounding Apple, "It's [Apple’s] goal is to shine a spotlight on Apple as an exemplar of a system that is producing nonsensical results…And in doing so, put pressure on the Senate Finance Committee to write more sensible legislation.” Kleinbard said. “Apple was a bit tone-deaf for not acknowledging how its tax avoidance strategies might look to the average person and the hearing ultimately was less about making Apple look bad and more about building a case for tax reform in Congress.”

Bloomberg (May 22, 2013)

Edward D. Kleinbard was quoted in regards to Apple’s tax strategy. “Apple says their Irish subsidiaries’ ‘mind and management’ lies outside Ireland, but the real question is, do those subsidiaries have any mind of their own at all…If they are not really competent to make independent decisions to take on risks and make contracts on their own behalf, then the structure collapses of its own weight, and the income properly should be taxed to the United States.” Kleinbard said Apple’s strategy may make the company vulnerable to taxation in the U.S

Bloomberg (May 22, 2013)

Edward D. Kleinbard was quoted about Apple’s recent tax evasion strategy, “What’s really hard is to do a corporate bill on a stand-alone basis when, at the moment, people see it as wrapped up in a larger tax reform package.” Kleinbard also commented saying that while there’s a consensus that corporate tax rates should go down, the challenge is doing so in the context of a broader tax restructuring.

Atlanta Journal Constitution (May 22, 2013)

Edward D. Kleinbard was quoted in a blog post on Apple’s recent tax evasion controversy.

Vanity Fair (May 22, 2013)

Edward D. Kleinbard’s quote in the New York Times “There is a technical term economists like to use for behavior like this, unbelievable chutzpah” was placed on its top 10 list.

KNBC (May 22, 2013)

Edward D. Kleinbard was quoted about Apple’s court hearings, "This was not Apple on trial so much as a case study in what's wrong with the current system…This is really ultimately about what is the shape of future legislation." Kleinbard coined the term ‘stateless income’ to describe corporate profits that fall through cracks in the tax code and are not subject to taxation anywhere. Kleinbard believes such a situation creates artificial influences on business decisions, and disproportionately increases the tax burden for domestic-only companies, thus he hopes that corporate tax reform will put an end to stateless income for good.

NPR “Marketplace” (May 21, 2013)

Edward D. Kleinbard was quoted in response to the amount of funds Apple is keeping tax-exempt overseas, “The scale is gigantic…That number is about $2 trillion right now.”

CNBC “Closing Bell with Maria Bartiromo” (May 21, 2013)

Edward D. Kleinbard was interviewed on CNBC’s “Closing Bell” about who is to blame for Apple’s recent tax evasion, “…It’s a non partisan job, and it’s very much a staff job. The members of Congress drive the tax code not the staff or joint committee… I think that Apple bears some responsibility. This is not a morality play I’m not that naïve and it’s not a criminal matter or a show trial. What this was an effort to shine light on business practices to inform the Congress of the U.S. about those business practices. The real audience for this kind of hearing is not the public - it’s the Senate Finance Committee and it’s the rest of the Congress.”

Reuters (May 21, 2013)

Edward D. Kleinbard was quoted in response to CEO of Apple, Timothy Cook’s, comment urging for corporate tax reform, including changes that lower corporate income tax rates and add a reasonable tax on foreign earnings. Kleinbard commented, "The baldness of the Apple strategy surprises me more than anything else…European member states are going to be very angry with Apple and very angry with Ireland.”

The New York Times (May 21, 2013)

Edward D. Kleinbard was quoted regarding Apple’s planning in setting up subsidiaries that would receive the lion’s share of its profits on sales in Europe and Asia. Kleinbard commented: “What impresses me is the effortlessness of Apple’s international planning…it hinges on nothing more than an Irish shell company whose management in fact is in Cupertino, and a contract between two arms of Apple’s single global enterprise with no economic significance to anyone outside of Apple. It’s as if Apple checked a box to elect out of worldwide taxation on a vast swath of their international income.”

The New York Times (May 21, 2013)

Edward D. Kleinbard was quoted about the tax evasion scandal surrounding Apple. “The offshore companies are a fiction and the statement that the money is offshore is a fiction,” he said. “What they are asking for is a reward for having gamed the system.”

KCBS-Radio (May 21, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s recent tax evasion scandal.

BBC Radio The World Tonight (May 21, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s tax evasion scandal.

The Guardian (May 21, 2013)

Edward D. Kleinbard was quoted in response to the recent news of Apple’s ultimatum that U.S. corporate tax rates be slashed, after admitting to concealing international profits in tax exempt Irish subsidiaries. Kleinbard commented on Apple’s call for a corporate tax reform. "Apple is not an outlier in its efforts to produce 'stateless income' – income that is taxed neither in the United States nor in the countries where its foreign customers are located – but it is an outlier in the baldness of its strategies. Apple shifted tens of billions of dollars of income without even breaking into a sweat."

Die Zeit (May 21, 2013)

Edward D. Kleinbard was interviewed about Apple’s tax avoidance strategies.

BBC Radio 5 (May 21, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s tax evasion scandal.

BBC Radio The World Tonight (May 20, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s recent tax evasion scandal.

BBC Wake Up To Money (May 20, 2013)

Edward D. Kleinbard was interviewed in regards to Apple’s tax evasion scandal.

The New York Times (May 20, 2013)

Edward D. Kleinbard was quoted about recent findings in Apple’s tax evasion dispute, “There is a technical term economists like to use for behavior like this…Unbelievable chutzpah.” The controversy surrounding Apple is due to the enormous amount of money involved as well as the boldness of the company’s assertion that its subsidiaries are beyond the reach of any taxing authority.

Los Angeles Times (May 20, 2013)

Edward D. Kleinbard was quoted about the controversy surrounding Apple’s tax evasion through corporate structures oversees. “If Apple is in fact a massively successful generator of stateless income, it will be extremely interesting to hear Mr. Cook's explanation about why the U.S. should reward strategies that produce no tax anywhere in the world with any kind of repatriation holiday…Levin will spend the bulk of the time using Apple as a case study — not as an opportunity to give Apple a platform to dress up its tax agenda with a tax reform proposal."

The New York Times (May 20, 2013)

Edward D. Kleinbard was quoted in response to chief executive of Apple, Timothy D. Cook’s testimony stating that Apple paid nearly $6 billion in federal taxes last year, and “does not use tax gimmicks.” Cook is expected to call for a reform of the federal corporate tax code, lowering rates on companies moving overseas earnings back to the United States. Kleinbard commented, “What he’s asking for is a reward for having gamed the system.”

Financial Times (U.K.) (May 19, 2013)

Edward Kleinbard was interviewed about Apple’s tax avoidance strategies. Apple’s higher reported tax rate has added to an impression that it does not engage in the sort of tax avoidance that has brought opprobrium to some of its rivals, said Kleinbard.

Financial Times (U.K.) (May 11, 2013)

Edward Kleinbard was interviewed about Apple’s tax avoidance strategies.

New York Times (May 2, 2013)

Edward Kleinbard was interviewed about “stateless income,” a technique multinational companies use to avoid taxes in their home country.

BBC Radio (April 20, 2013)

Edward Kleinbard was quoted in regards to aggressive tax avoidance by major corporations. “I don’t blame the maggots that eat the spoiled meat for doing so, I say let’s build a proper refrigerator in the first place. We know that US firms collectively have ordered something on the order of 1.7 trillion dollars of low tax overseas income and are adding to that at the rate of a couple hundred billion dollars a year,” he said.

CNN (April 15, 2013)

An op-ed ran by Edward Kleinbard about the three ways to relieve tax hangovers. “Tax time will never be pleasant, but making form preparation easier, understanding better how government spending buys useful goods and services, and re-examining the tax expenditures in our tax code at least can mitigate our tax pain,” Kleinbard wrote.

NPR News (April 15, 2013)

Edward Kleinbard was quoted about tax code reform, a subject on which he recently testified at a U.S. Senate hearing. “Well you just have to put prejudices to one side and look at the actual numbers. In fact the United State is not a high tax country; in 2012 it was the lowest tax country in the world among developed economies. We collect taxes in ways that are particularly unpleasant to all the pain we put people through on tax days but the fact is this is a very low tax country, we have a lot of fundamental misconception,” he said.

NPR News (April 15, 2013)

Edward Kleinbard was interviewed on "Background Briefing" with Ian Masters about reforming the tax code to make it fairer and more progressive.

CQ Weekly (April 15, 2013)

Edward Kleinbard was quoted about Chairman of the House Ways and Mean Committee Dave Camp's proposals for alterations in the taxation of financial instruments. "It's easy to make great generalizations about what the tax system should be, but the fact is that the tax code is an enormously complex model of all economic activity," Kleinbard said. "It just cannot be overstated how difficult it is to write tax legislation, and this process is the right process to get higher quality."

Tax Notes (April 8, 2013)

Edward Kleinbard’s work was cited by Edwin Visser, deputy director-general of taxation of the Dutch Ministry of Finance. "Stateless income is the big problem now," Visser, who is involved in the OECD project. "Stateless income distorts investment decisions and undermines voluntary compliance."

New York Times (March 17, 2013)

Edward Kleinbard was quoted about budget proposals put forward last week in which both Democrats and Republicans called for scrubbing billions of dollars' worth of popular deductions, loopholes, preferential rates and credits. The two sides are sharply divided on what should happen to any revenue raise. “In the corporate code, expenditures are just a hidden, ersatz, Soviet- style five year plan," Kleinbard said. "We would never contemplate a world in which the government said 'We're going to write out checks to Nascar because it's an important resource and we're going to pay for it!' People would say, 'They're out of their mind!'"

The Boston Globe (March 16, 2013)

Edward Kleinbard was quoted about tax breaks won by the Washington lobbying industry and how they have concluded that it is relatively cheap to buy political influence. “What we’re doing is running a Soviet-style, five-year industrial plan for those industries that are clever enough in their lobbying to ask all of us to subsidize their business profits. These are perfect examples of Congress putting its thumb on the scale of the free market. I’ll be damned if I know why I should be subsiding Whirlpool,” he said.

The Washington Post (March 7, 2013)

Edward Kleinbard was quoted about corporate taxes. “The corporate system is broken and it’s broken primarily because of international.”

Bloomberg News (March 5, 2013)

Edward Kleinbard's testimony before a Senate subcommittee was covered. In an interview after the testimony, he was quoted about a need to eliminate tax subsidies for businesses. “The corporate system is broken and it’s broken primarily because of international,” said Kleinbard.

The Washington Post (February 28, 2013)

Edward Kleinbard’s research was cited by Ezra Klein in a story about predicted increases in America’s over 65 populations, and how the country’s tax code needs to adjust. He pointed out that the share of the country over 65 will increase by a third in the next 10 years alone.

ETTV (February 27, 2013)

Edward Kleinbard commented on the debt ceiling. "So imagine that Congress tells you, 'You must go to a restaurant and buy dinner' and you do. The bill comes, and then Congress refuses to permit you to pay by credit card for the bill for the meal that you just ate because Congress told you to and that's exactly what the debt ceiling is. Increasing the debt ceiling was a routine matter. More recently the Republican Party has been using it to make a political statement. It is a complete waste of time. It is a complete waste of resources. It is political theatre and nothing but political theatre," he said.

Venture Beat (February 27, 2013)

Edward Kleinbard was interviewed you in a story about tech companies that have escape $225 billion in taxes as Senate calls for reform.

The Bay Citizen (February 13, 2013)

Edward Kleinbard was quoted about corporate tax avoidance."What it demonstrates is that tech firms in particular have very low worldwide rates, and their demands for a more competitive U.S. tax system ring hollow," he said.

The New York Times (February 7, 2013)

Edward Kleinbard was quoted about a derivatives tax proposal. "The intelligent, courageous, and sorely needed substantive reforms in the proposal," he said.

The Wall Street Journal (January 23, 2013)

Edward Kleinbard was cited regarding corporate tax havens. "There is a more permanent reason for the decline that has to do with globalization: an increasing share of profits is now earned abroad and taxed more lightly than domestic profits," he said.

The Wall Street Journal (January 22, 2013)

Edward Kleinbard was quoted on the $1.7 trillion that American companies say they have indefinitely invested overseas yet a lot of it is actually sitting here in the U.S. Kleinbard said there is a misperception that companies' excess cash is inaccessible, "somehow held in gold coins and guarded by Rumpelstiltskin." "If it is a U.S.-dollar asset, that means ultimately it is in the U.S. economy in some fashion," he added. "Where it is not is in the hands of the firm's shareholders."

Bloomberg News (January 22, 2013)

Edward Kleinbard was quoted about corporate tax breaks overseas. "There is a more permanent reason for the decline that has to do with globalization: an increasing share of profits is now earned abroad and taxed more lightly than domestic profits," he said.

The Washington Post (January 17, 2013)

A strategy by Edward Kleinbard was highlighted on how to resolve the debt-ceiling crisis. Kleinbard has advocated the use of scrip - a kind of government-issued IOU. He has noted that the state of California employed this method in 2009 to pay individual and business claimants until cash was available. These I.O.U.s wouldn't violate the debt ceiling because they would merely "be a formal acknowledgment of a pre-existing monetary claim against the United States that the Treasury was not currently able to pay," he said.

The Wall Street Journal (January 10, 2013)

An op-ed by Edward Kleinbard was mentioned. The piece suggested that President Obama issues "scrips" - essentially IOUs - to resolve the debt ceiling problem. "The scrip would not violate the debt ceiling because it wouldn't constitute a new borrowing of money backed by the credit of the United States," he wrote.

The New York Times (January 10, 2013)

An op-ed by Edward Kleinbard ran about the political fight over the debt ceiling. He suggested that President Obama issue scrip - a kind of IOU for claims holders - which would not constitute new borrowing. "It would be the least awful way to defang the most extortionate demands of Congressional hard-liners - and one that would not permanently damage America's fiscal standing in the world," he said.

The Washington Post (January 5, 2013)

Edward Kleinbard has joined the Century Foundation think tank as a fellow. Along with fellows Stefanie DeLuca and Moshe Marvit, Kleinbard will tackle questions regarding national social and economic inequality. "It's essential to have experts such as Stefanie, Ed and Moshe doing the important research and writing on these problems so we can understand and solve them," said the foundation's president.

National Journal (January 5, 2013)

Edward Kleinbard was quoted about concessions President Obama made during the fiscal cliff negotiations. One can get a rough figure by comparing portions of the JCT's analyses of the budget proposal the president released in March, which sought to raise taxes on income over $250,000, and the fiscal-cliff deal reached on New Year's Day," he said.

CNN (January 3, 2013)

Edward Kleibard was interviewed about the fiscal cliff. "Congress and the country need to know before we reach the breach point ... that he has a plausible plan to work around the debt ceiling," he said.

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