The president discusses tax reform on Monday, pledging to crack down on tax evasion.
Wired PR News – President Barack Obama pledged to crackdown on those failing to pay taxes on income hidden in offshore accounts on Monday as he unveiled his tax proposal. As reported by the Associated Press (AP), Obama stated his plan would raise $210 billion in the next 10 years by preventing tax evaders from being able to continue to use tax havens to keep from paying taxes. The president also stated he would seek to put an end to companies shipping jobs overseas to avoid paying U.S. taxes.
Obama is quoted in the report as stating, “It’s a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, N.Y… I want to see our companies remain the most competitive in the world… But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens.”