05.01.2009 Obama Proposals Threaten Common Foreign Tax Planning Techniques of U.S. Corporations
05. 2009On Monday, May 4, President Obama followed through on a campaign pledge and released his administration’s much talked about proposed revisions to the U.S. taxation of multinational corporations. Obama’s stated goals are both to raise revenue and keep jobs in the U.S. by curbing tax planning techniques used by multinational corporations with respect to their foreign income. Obama believes that these tax planning techniques not only cost the U.S. government badly needed tax revenues but also encourage companies to relocate their operations overseas where they hire foreign employees rather than U.S. employees. His administration estimates that the proposed revisions could raise approximately $190 billion over 10 years.
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