President Barack Obama speaks about tax reform in the Grand Foyer of the White House in Washington, Monday, May 4, 2009. (AP Photo/Charles Dharapak)
President Barack Obama is proposing to close tax loopholes for companies and individuals with operations or bank accounts overseas.
Obama said Monday he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign companies rather than recording them at home. He also called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands.
Obama said that his plan would generate $210 billion in new taxes over 10 years and "make it easier" for companies to create jobs at home. Congress may resist portions of the plan.