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President Barack Obama Calls for End to Tax Loopholes Involving Offshore Entities
President
Barack Obama has outlined a proposal that would end a popular practice utilized
by companies to avoid paying taxes on profits for offshore entities.
In
a joint statement released by Obama and Treasury Secretary Timothy Geithner it
was announced that the steps “will help us deal with some of the more egregious
examples of what is wrong with our tax code.” Among those examples is the current
allowance of offshore companies to tax deductions on expenses prior to booking
their profits in the U.S.
Obama
has blamed the current tax loopholes for moving jobs out of the U.S. and to
countries that have lower tax rates. Current tax loopholes allow companies to
put off paying taxes on profits made overseas as long as those profits are
invested back into the overseas holding.
As
part of the Obama proposal about 800 federal agents would be added to the
current force charged to enforce the laws. The President has said the move could
bring in as much as $210 billion over a ten year period and create a number of
jobs within the United States.
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