Tuesday, May 5, 2009

Obama Moves on Tax Havens

Obama aims at offshore tax havens

Houston Chronicle — President Barack Obama presented a far-reaching set of proposals on Monday that are aimed at the tax benefits enjoyed by companies and wealthy individuals harboring cash in offshore accounts.
These steps, he said, would be the first in a much broader effort to fix a “broken tax system.”
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Obama’s Bid to End Offshore Tax Havens Faces Hurdle in Congress

Bloomberg — President Barack Obama’s plan to end tax breaks for U.S.-based multinational companies drew a skeptical response from fellow Democrats on Capitol Hill, indicating that his proposal may face obstacles in Congress.
Senate Finance Committee Chairman Max Baucus, a Montana Democrat, called for “further study” of Obama’s proposals within minutes of the president’s announcement yesterday. Joseph Crowley, a Democrat on the tax-writing House Ways and Means Committee, said he doesn’t want any tax changes to “harm” Citigroup Inc., his New York district’s largest private-sector employer.
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Obama Plan Leaves One Path to Lower Taxes Wide Open

NY Times — The Obama administration’s plan to restrict or shut down several widely used tax loopholes takes away many — but not all — of the sophisticated tax moves commonly used in corporate America.
The most widely used tactic not covered by the plan is known as transfer pricing, which multinational corporations employ routinely to reduce the taxes they owe to the United States by keeping their profits offshore in low-tax or no-tax havens.
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