Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly

Obama to crack down on business taxes

  Tax  -   POSTED: 2009/05/04 15:39

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.


Legal News | Breaking News | Terms & Conditions | Privacy

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. Law Firm Website Design by Law Promo
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Philadelphia Employment Lawyer
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Downtown Manhattan Business Law Attorneys
Business Fraud Lawyers
www.woodslaw.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Chicago, DuPage IL Workers' Compensation Lawyers
Chicago Workplace Injury Attorneys
www.krol-law.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Logos
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory