Reply #36: Obama Calls for New Curbs on Offshore Tax Havens [View All]

http://www.nytimes.com/2009/05/05/business/05tax.html?ref=global-home

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One key proposed change would restrict companies from deferring the payment of taxes on profits earned overseas. Administration officials said the plan would keep businesses from taking deductions against their taxes by inflating the amount of foreign taxes they paid.

Mr. Obama raised the idea frequently during his presidential campaign. In his remarks to Congress in February, as he outlined his priorities for the year, he pledged to make the tax code more equitable by “finally ending the tax breaks for corporations that ship our jobs overseas.”

The White House said that Mr. Obama is seeking to crack down on overseas tax havens in an attempt to “close the international tax gap.”

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