Obama seeks to close tax loophole
05-05-2009
President Obama has been giving details of his proposed changes to the US tax system. In one of the more contentious measures, Mr Obama wants to scrap provisions that allow companies to delay paying tax on profits made and reinvested abroad.
He said the practice deprived the US government of much-needed revenue, and also served as an incentive to companies to move jobs away from the US. However, the US Chamber of Commerce has opposed the measures, which, opponents argue, would raise corporate taxes to uncompetitive levels.
