Photo: Kevin Lamarque/Reuters
President Obama is making good on a campaign promise to overhaul the tax system. Today the president took aim at some loopholes in the tax code and the wealthy individuals and corporations that use them to avoid paying their fair share of taxes.
At the White House, the president announced steps to crack down on overseas tax havens and to create more incentives for U.S. companies to keep jobs here at home: “It’s a down payment on the larger tax reform we need to make our tax system simpler and fairer and more efficient for individuals and corporations.”
Combined with other international tax reforms, the administration estimates a savings of $210 million over the next decade. However, getting these proposals through congress is going to be a tough battle with special interests and big business lobbying against the changes.