Barack Obama squared up yesterday for what looks likely to be his administration's first major battle with big business, when he unveiled crackdowns on offshore tax avoidance and evasion by US companies and individuals.
Mr Obama, who campaigned relentlessly on the issue of closing offshore loopholes, said the steps he announced would raise $210bn over 10 years and “make it easier” for companies to create jobs in Buffalo, New York, rather than in Bangalore, India.
He said the measures, which would be enforced by the creation of nearly 800 new jobs at the Internal Revenue Service, would raise revenues to help pay for the permanent extension of the Research and Development tax credit for US corporations.
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