Obama tax clampdown
bad day for
US President Barack Obama may face a political battle to close a tax loophole that allows American multinationals based here to avoid paying taxes on overseas profits.
Mr Obama wants to impose a one-off 14pc tax on US profits stashed overseas as well as a 19pc tax on any future profits as they are earned.
At present, those earnings are supposed to be taxed at a 35pc rate, but many companies avoid that through the loophole that defers taxation on active income that is not brought into the US.