Obama announces measures to close tax loopholes
Source: CCTV.com | 05-05-2009 10:54
US President, Barack Obama, has announced a new series of steps to crack down on off-shore tax cheats.
Obama's proposals would close tax loopholes for companies and individuals with operations or bank accounts overseas.
|US President Barack Obama and US Treasury Secretary|
Timothy Geithner (L) deliver remarks on US tax reform
in the Grand Foyer of the White House in Washington, DC.
At a brief White House announcement of the measures, Obama said he wanted to prevent US companies from deferring tax payments by keeping profits in foreign companies rather than recording them at home.
He also called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands and the Bahamas.
Under the plan, companies would not be able to write off domestic expenses for generating profits abroad.