Obama to crack down on business taxes
Lawyer News
President Barack Obama plans changes to tax policy certain to be unpopular with corporations with international divisions and individuals who use tax havens.
Obama's two-part plan, which he will announce later Monday at the White House, also embraces 800 additional federal agents to enforce the tax code.
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 — the new enforcement initiative could yield $210 billion in tax revenue over the next decade.
Treasury Secretary Timothy Geithner was to join Obama for the comments. The White House released details of the plan earlier Monday.
White House officials 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. Obama aides countered that the plan is a step toward the massive overhaul of international financial regulations that the president has promised.
In exchange, Obama said he was willing to make permanent a research tax credit that was to expire at the end of the year and is popular with businesses. Officials estimate that making the tax credits permanent would cost taxpayers $74.5 billion over the next decade.
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