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Obama administration announces int’l tax law reforms to close loopholes

Published: 04/05/2009 05:00

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The Obama administration on Monday unveiled a plan to reform the U.S. international tax laws, a move to close taxation loopholes through offshore tax havens.

U.S. President Barack Obama delivers remarks on tax reform at the White House in Washington, May 4, 2009. (Xinhua/Zhang Yan)

The U.S. government said it will tighten tax-code provisions that allow firms to defer paying taxes on profits they make overseas as long as those earnings are plowed back into the foreign subsidiaries.

U.S. President Barack Obama said the plan would raise 210 billion dollars over the next 10 years.

“The steps I am announcing today will help us deal with some of the more egregious examples of what is wrong with our tax code,” Obama said at a joint announcement with Treasury Secretary Timothy Geithner.

“It is the down payment on the larger tax reform we need to make our tax system simpler and fairer and more efficient for individuals and corporations,” he said.

He noted that the money will be used “to reduce the deficit, cut taxes for American businesses that are playing by the rules, and provide meaningful relief for hard-working families.”

As part of the reform, the Internal Revenue Service (IRS) will be provided with funds to support the hiring of nearly 800 new agents for international enforcement.

VietNamNet/Xinhuanet

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