Obama Proposes $190 Billion Tax Increase on Companies

President Barack Obama proposed raising about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques used by U.S. companies such as Caterpillar Inc. and Procter & Gamble Co. He also would make it riskier for Americans to stash money in tax-haven banks.

The tax code is “full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,” Obama said at the White House today, as he outlined the plan along with Treasury Secretary Timothy Geithner...

Bloomberg: Obama Proposes $190 Billion Tax Increase on Companies