Front page story in today's Wall Street Journal: Business Fends Off Tax Hit, by Neil King Jr. & Elizabeth Williamson:

The Obama administration has shelved a plan to raise more than $200 billion in new taxes on multinational companies following a blitz of complaints from businesses.

A contingent of Silicon Valley chief executives, for example, traveled to Washington in late September to speak out against the proposal to change how the federal government taxes overseas profits. They came away from meetings with key congressmen relieved.

Obama aides say the administration has set the idea aside for now, but may return to it as part of a broader tax overhaul sometime next year. The White House had billed the proposed change as an overdue fix to the tax code and potentially a key revenue-raiser. …

The story of the business community's campaign against the tax changes and the Obama administration's eventual retreat offers a window into the often uneasy relations between the White House and the corporate world. It suggests that an administration that was critical of business at the height of the financial crisis is becoming more accommodating. The White House, through a series of presidential lunches and other outreach, is trying to soothe tensions with multinational companies.

Lurking behind the tax debate was the administration's need for new sources of revenue to fund its increased spending.

Update: The Huffington Post, Tax Dodger Crackdown Shelved By Obama Administration.  (Hat Tip:  Ann Murphy.)