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Today the president announced some plans that he and his administration would put into place dealing with tax loopholes and other tax shelters for U.S. companies that try to defer tax payments by keeping profits in foreign countries rather than in the company’s home country. In his proposal, President Obama also said he wanted banks to be more transparent. He was talking about banks in nations such as the Cayman Islands that are considered tax shelters to Americans.

“If financial institutions won’t cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly,” Obama said.

With the plan in place, companies wouldn’t be able to write off domestic expenses for generating profits abroad.

He also wants to do away with tax benefits that are saught by companies that outsource employees to other countries.

Jeremy

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