Firms Face New Tax Curbs
Obama Plan Aims to Limit Use of Offshore Havens by Multinationals and the Wealthy


By JOHN D. MCKINNON and JESSE DRUCKER

WASHINGTON -- The Obama administration will roll out details Monday of what aides
are calling a far-reaching crackdown on offshore tax avoidance, targeting many
U.S.-based multinational corporations and wealthy individuals.

President Barack Obama will flesh out a proposal included in his February budget
blueprint seeking to curb the practice of parking foreign earnings in offshore tax
havens indefinitely. By some estimates, $700 billion or more in U.S. corporate earnings
have accumulated in overseas accounts in recent years.


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