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Obama to Crack Down on Business Taxes

WASHINGTON (AP) - President Barack Obama wants to change federal
tax policy in ways that will likely be unpopular with people who
use offshore tax havens as well as with corporations that have
international divisions.
The plan, to be announced at the White House on Monday, would do
away with some tax deductions for companies that earn profits in
countries with low tax rates.
It would also consider Americans who use tax havens - such as
the Bahamas or Cayman Islands - guilty of violating U.S. tax laws.
The proposal, which faces opposition in Congress, could deliver
$210 billion in tax revenue over the next decade.
Officials described the administration's plan ahead of the
announcement on the condition of anonymity.


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