WASHINGTON: President Barack Obama plans to propose changes to tax policy certain to be unpopular with corporations with international divisions and Top 20 Global Banks individuals who use tax havens. Obama also plans to ask Congress for 800 new federal tax agents to enforce his broad requests.
Obama's two-piece plan, to be announced at the White House on Monday, would eliminate some tax deductions for companies that earn profits in countries with low tax rates, as well as consider US citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating US 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.
Treasury Secretary Timothy Geithner was to join Obama for the 11 a.m. (1500 GMT) comments.
Officials described the administration's plan ahead of the announcement on the condition of anonymity so they wouldn't upstage the president's remarks. However, they acknowledged the political challenges facing the plan. The administration won't seek a complete repeal of overseas tax benefits and, although the rule changes are narrower than some anticipated, business leaders still oppose them as a tax hike.
http://economictimes.indiatimes.com/Obama-to-crack-down-on-business-taxes/articleshow/4482503.cms
Obama's two-piece plan, to be announced at the White House on Monday, would eliminate some tax deductions for companies that earn profits in countries with low tax rates, as well as consider US citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating US 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.
Treasury Secretary Timothy Geithner was to join Obama for the 11 a.m. (1500 GMT) comments.
Officials described the administration's plan ahead of the announcement on the condition of anonymity so they wouldn't upstage the president's remarks. However, they acknowledged the political challenges facing the plan. The administration won't seek a complete repeal of overseas tax benefits and, although the rule changes are narrower than some anticipated, business leaders still oppose them as a tax hike.
http://economictimes.indiatimes.com/Obama-to-crack-down-on-business-taxes/articleshow/4482503.cms
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