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Amendment to Obama's tax break crackdown targets havens at home Print
Wednesday, 20 May 2009 13:06

President Barack Obama's plan to limit tax breaks for multinational companies will include an amendment that affects alleged tax havens at home, including Nevada and Delaware, a knowledgeable source in Washington, D.C., said.

Obama last week said he would pursue laws that would raise $210 billion over 10 years by eliminating offshore tax breaks that "let companies ship jobs and stash profits overseas."

The yet-to-be-announced amendment will make sure that U.S. states do not replace offshore countries like Switzerland, Luxembourg and the Cayman Islands as tax havens for wealthy individuals and businesses, the source explained.

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Last Updated on Thursday, 26 November 2009 04:27