NEXT UP: Obama’s Business “Tax Havens” Crackdown
President Obama plans changes to tax policy guaranteed to be unpopular with corporations with international divisions and individuals who use tax havens.
Obama’s two-part plan, which he is slated to unveil at the White Houseon today, also calls for 800 new federal tax agents to enforce the system.
The president’s proposal would eliminate some tax deductions for companies that earn profits in countries with low tax rates, as well as consider U.S. citizens who use tax havens in the Bahamas or Cayman Islands guilty of violating U.S. tax laws. If Obama wins congressional approval for the changes — and he faces a challenge on Capitol Hill — it could deliver $210 billion in tax revenue over the next decade.
Companies who shelter profits in international accounts stand to lose billions if Obama’s plan becomes law. Under the existing regulation, those companies pay taxes only if they bring the profits back to the U.S. If they keep the profits offshore, they can defer paying taxes indefinitely — and many do.
Obama’s plan wouldn’t go into effect until 2011; Obama has said he does not want to tinker with tax revenuesuntil his $787 billion stimulus plan has run its course. The proposals, however, were far from complete, and aides said this was just one piece of the administration’s plan for sweeping overhaul.
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