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Obama proposes sweeping tax changes in 2016 budget

Obama proposes sweeping tax changes in 2016 budget
3 Feb 2015

First published in Accounting Today, 2 February 2015

“In Obama’s budget proposal, announced today, he plans to raise $238 billion by levying a one-off 14 percent 'transition' tax on the cash piles held by US companies overseas as well as a 19 percent tax on any future profits as they are earned,”

Tim Wach said, “The primary reason for multinationals choosing to defer repatriation of foreign sourced profits is not because of their ‘unpatriotic’ nature, as deemed by Obama, but  because their profits will be slapped with a corporate tax rate of up to 35 percent if they were to bring these funds back home; one of the highest corporate tax rates in the world.” 

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Taxand's Take

Multinationals and large corporations within the USA should keep abreast of proposed tax changes from the Obama administration.

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