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Obama is going to save over $90 Billion over the next ten years by reducing overseas tax havens for the wealthy!!!!
It's about time we have some real solutions, right??

Let's break it down here, folks. That's $9 Billion per year. With an administration that's willing to spend $787 Billion in its first 3 months, I'm not sure were making forward progress here. Seems like we're growing the deficit here... I'm not sure is there a math whiz that can explain this to me?
I'll end it on this. I am the lowest tax bracket, just starting my career. Degree in Finance, about to become a CPA... I'm not an idiot. Obama is showboating and pandering to the little guys (it's not workin for me) by creating class envy, making a show of taxing the wealthy, and putting a stop to their "evil, greedy loopholes". Obama will turn tax avoidance (PERFECTLY legal) into tax evasion(illegal, look-up Tim Geithner for examples).
It won't work. $9 Billion a year versus $787 Billion. We'll need 100 similar programs to pay back what we've spent IN THREE MONTHS!

Mr. President, Keep it up and bring these corpotations and their CEO in line of every Americans and make sure they pay their share of taxes. take out all loop holes and watch how these GOP react . I am sure you will have enough public support on this as well as the policies you are planning to change, keep them barking behind you as they do not have any of their own plan or any new idias. they are still in their old thinking and support their own interest.

Thank you mr president,all the money in the swiss bank all the investment in dubai let them pay there share

Conservatives & Republicans are going to say no.Because they made a pack with the devil.They claim that government is bad and so taxes have to be cut,then government functioning does indeed become bad in many areas because of the lack of funding and then the Republicans use the damage that they caused as evidence that government is no good.The conservatives and republicans favor private enterprise and freedom from government control.This is how Bernie Madoff and wall street and the banks and big company's robbed us and mess the economy up.Thank God for Pres.Obama and his administration for looking out for the little guy.God bless.

In reading these post so many people are talking about how these corporations will just move their companies over seas. How American is that? Obviously these companies who balk at paying their fair share of taxes could care less about America. Their only concern is the almighty dollar. Oh, and by the way it is the American people rich and poor who purchase products made by these companies that have made them the profits they have made.

I love all you people that condemn those who "don't pay taxes", how righteous of you. You are the same people that don't seem to mind your tax dollars going to rebuild a country we destroyed based on lies. In case you didn't know, poor people, retirees do manage to spend money, the little money they get from the government. And, guess what when they spend that money, they pay taxes too.

For those of you worried about companies leaving the US for overseas, these companies would have left already IF they could do it without American taxpayers subsidy. Do you think foreign countries take money out of their pockets to assist American companies get started in their country - NO.

Limited assistance to help other countries developing markets so there can be good trade partners is a good thing. However, greedy US corporation have learn how to use TAXPAYERS money to develop foreign business with cheap labor to sell products back into the US market. Then add insult to injury by not paying taxes back into the system that help them.

Atleast the welfare receiptents pay sale taxes

Good News Mr. President. We have seen for the last 8-10 years companies using these tax loopholes and not creating jobs here in the US. Then sending jobs overseas and putting millions of Americans out of work. Compound that with companies giving these H1B visas to foreign workers and paying them pennies on the dollar. The Rethuglicans call this capatlism and call this putting America first. Make these greedy companies and wealthy people pay their fair share of taxes.

While it will have an incremental effect, that is no reason to justify a company relying on cheating us, the US taxpayers to stay in business. Almost none of us in the middle class or small businesses are using offshore dodges to avoid paying taxes. Arguing against closing this loophole is just another example of republican support for subsidizing the wealthy and the large corporations.

Offshore shenanigans like this are not just for hiding taxable income, they are also vehicles to shield other questionable practices, and the current financial crises is proof of where that kind of obfuscation has gotten us.

Can any of you honestly say it is right for businesses to hide assets offshore while taking advantage of the largest economy, the most stable government and financial system on the planet? What ever happened to the much touted republican qualities of integrity, country, family? Do they not apply when it comes to our corporate family?

maybe they could afford to pay a regular US worker $8 or 10 per hour if they weren't paying the CEO the equivalant of $20,000 per hour

I am not afraid of these businesses tumbling. they will find a way to operate honestly and with integrity or fail.

too bad

Once again, President Obama is fulfilling his campaign promises.

This shows that President Obama if for the average guy and the screaming by the neo-cons that this is a tax hike for the rich!

Not too sympathetic with fat cats and the rich trying to avoid paying legal taxes.

I would like to know what percentage of Republicans complaining about this policy, are wealthy businessmen or women? It always amazes me how the not so wealthy Republicans fight for policies that help big corporations. As if someday they'll actually become the owner of a Fortune 500 company. Republicans complain about 'illegals' and immigrants taking 'their jobs' but don't support the President creating incentives to keep jobs in America. President Obama is doing the right thing by putting the poor and middle-classes first and letting those who can afford it, PAY!!!

"It also focuses on wealthy individuals who break the law by creating hidden overseas accounts."

And the neo-cons quibble over a tax mistake by Geithner!

But expect the Party of NO to start screaming loudly for this to not proceed, since it allows the rich and the Wall Street fat cats to hide the money they "earned" from "trickle down" economics.

Hypocrites once again.

Sorry, I'm a little confused. Explain to me again how capital sitting in a bank in the Cayman Islands creates jobs? Have a nice day.

Bush Chenneys era of corrupution and dictatorship, finally coming to an end, what a relief, Obama you are just amazing....keep up Sir....

300 million consumers in this country and all the repubs can threaten is that NO ONE will be here to serve that market if they have to actually pay txes in america?,,,,,,let em go the new american entrepeneurs will be happy to step in and fill the void these out of touch/control companies leave

I say make these corporations and global elite pay every dime they owe the USA! All they care about is to put Americans out of work by using offshoring, outsourcing and importing cheap H-1B and H-2B foreigners! They have our congress in their pocket so I'd be surprised this succeeds.

It AMAZES me to hear to the Republicans cry about this.

America First was the biggest lie I ever heard.

And by the way, Joe Smith – AIG got billions from BUSH.

GOPers aren't going to win new converts on this one. Their argument, accurately paraphrased is as follows: "If corporations have to pay more taxes, like they should've been in the first place, then CEOs and upper-echelon executives and management will cut jobs in order to continue making obscene salaries at the expense of the middle-class!!!"

That argument, "my friends," falls on very VERY deaf ears. We're having none of it. The fact is, corporate law allows consideration of the reasonableness of CEO and principle salaries. It's high time we start defining reasonableness in terms of whether middle-class employee salaries are experiencing reasonable growth similar to the growth CEO and principle salaries have been experiencing. The bilking of the middle-class is slowly but surely coming to an end.

What's the difference between products made by American companies overseas and products made in China? Nothing except that those "American" products still cost you more than the ones made in China. Oh, and they don't employ American workers to make them. But perhaps you buy into the argument that it doesn't matter where a product is made as long as the profit comes back to the US. What a load of BS.

Finally May 4th, 2009 9:51 am ET

Thank God!!! For all the critics of Obama. He has followed up on every promise of his campaign. The days of the the "suits" creating loop holes for themselves and friends are over. I'm sure the party of no will even criticize this. But I'm not sure how.

Kudos to "O"
________________________________________________________
This statement just shows how blindly people fallow Obama. lets just look at one claim.
"He has followed up on every promise of his campaign"
What about removing troops from Iraq no matter what the circumstance?Did he keep that one?
Not raising taxes, has he kept that one?
to unite the American people, has he kept that one?
to reform the earmarking process, has he kept that one?
I could go on and on. Like I said, this just goes to show how blindly people fallow Obama.

Yep the GOP Greed Over Principle party will fight this but it's about time something like this was done. We need american jobs Hire in America get a tax break send jobs overseas pay out the nose in taxes.

Short-sighted and stupid. This will easily cost more than the revenues it produces in lost jobs.

Fred was complaining about the jobs that will be lost because of what President Obama plans to do. My question is what happened to all the jobs that were supposed to come with the Bush tax cuts? While Republicans will moan and whine about this and say that President Obama doesn't know what he is doing and that he will ruin the country, WHERE ARE ALL THE JOBS THAT WERE SUPPOSED TO HAPPEN WITH THE BUSH TAX CUTS? Republicans have constantly told the American people that tax cuts to Corporations and the wealthy will produce more jobs and opportunities to everyone else, I think it's called trickle down economics, WHERE DID THE JOBS GO? It seems to me that the only ones who benefited from the Bush tax cuts were the already wealthy and Corporations. Fred, have you looked at the profits made by the Corporations, how about CEO's of companies? Byron, NC why don't you go to one of the Corporations in NC and ask for that handout.

This issue is one of the many reasons I voted for President Obama. Anyone interesed in what we as citizens have had to pay because of off-shore tax havens should go to US Public Interest Research Group Report on Tax Havens.

Let me paint the picture. Certified project manager with 10 yrs experience in technology development and infrastructure. Our US pay rate $97/hour. Same project manager in India working US hours...$19/hour. Which one would you choose?

There is no way we can compete in this global market (that includes our kids coming out of schools with student loans). And oh by the way...other countries are NOT hiring US resources. So where do we find employment? It is the responsibility of US citizens to create US jobs. Those companies that choose to go out of the state should pay to do so. Otherwise our country will have a hard time funding our own economy!

Henry Miller, Cary, NC May 4th, 2009 7:59 am ET

In the middle of an ailing economy, this idiot, Obama, is trying to drive businesses out of the country? Or drive them out of business entirely?

It is absolutely unconscionable that with businesses failing at a shocking rate, or having to scale back their operations, in both cases depriving people of their jobs, the administration seems to be determined to squeeze even more blood from an already squeezed-dry stone

Rush...you should use your real name and not an alias when making comments on this sight!

Long over due. Maybe so of those jobs will come back to the state.

For those who invest in the stock market and have retirement plans, good luck watching them tank and the little money you do make getting taxed at an even higher rate.

Great news! I couldn't believe what the last company I worked for was doing with its international operations and funelling all those profits to a bank in Bermuda. There was a high priced team of consultants from Price Waterhouse Coopers showing our financial group how to restructure to avoid US taxes. The critical part of it was that the product could not be made in the US, and no US employees could work in the international business. So the company laid off all the US employees that supported the international operations. Those jobs went to China and Ireland. The US tax code encouraged this!

I plan to write my representatives to vote in favor of this change to rhe tax code.

Foreign direct investment creates strong allies with other countries, opens new markets for exports and allows us to create goods cheaper than can be done in the US. The drawback: unions hate it. Obama is in the pocket of big labor and will bow to their every demand. If you like what's happened to our auto industry, you'll love where our country is headed under Obama.

All you folks who think this is a good idea need to read Dwight and Henry Miller's comments and learn to think for yourselves. Oh, I forgot, you want the government to do that for you, also.

I smell slooow growth. Seems as though big brother will be will do anything to kill the job market...

Good or bad, we have to see! If the big companies move out of USA, you will know what will happen. Obama would face the lost of money and human resource.

And where do you young college grads think you will get your jobs when you finish your govt paid for scholarships? Soon, these overseas companies will stop trading with the "exclusive" US and your govt checks will be whittled down to nothing due to lack of funds. Have a good life with your welfare check. I am assuming the Obama backing here comes from the young and naive (no matter how smart you think you are).

Thank you Mr. President for putting America and Americans over the Big Corporations.

Waiting for ridiculous neocon mumbo – jumbo to now begin........

@Henry Miller, Fred NJ, and Dwight,

What good is it to average Americans for an American Company to offshore its profits and jobs?
If a company does that, than can we say it is not American anymore?
I do not buy Levi Jeans anymore because they are made in Guatamala. They are no different than the Chinese jeans.
Screw it.
Haliburton not only offshored their profits they've already put their headquarters in Dubai.
It is about time we stop worshiping Business and give them everything as if they are gods who must be placated!!
The people make the rules of the game. Business should try to make a profit within that framework. If they can not then they go under. If you want to do business with Americans, than you have to pay your taxes.
This is how it was for the 45 years before Reaganomics. It is about time we bring that back.

President Obama is truly an amazing President, and he has my full support on reforming the international tax code. I am hoping the majority of americans will support him on this issue. Those of you crying that Congress and the Senate will not back President Obama on this issue are more than likely right, but we as individuals can back him...come on people start flooding your Congressmen/women and Senators with letters and email....remember...YES WE CAN!

No more hiding the loot in the Cayman Islands! Time for you rich boys to pay your taxes just like everybody else!
This is gonna be a big fight, and we should help get the legislation passed. I'll hold everyone who voted against accountable in the future elections.
It's way past time to crack down on the corporate tax cheats.

Sounds like another way to screw over those who make money and pay taxes in order to give to the 50% who don't pay any taxes, don't create jobs and live off of the George Soros controlled largesse of the Obamanation that we have become.

Not smart. I thought this guy was trying to help.....

Every action has an equal and opposite reaction – can't use oversees sister companies to get out from under the heavy tax burden here – well the sister here in the USA isn't worth keeping so everything goes overseas and we import even more – be careful Mr. Obama – sounds good but it might just blow up in your face.

Had It wrote: It's about time. And further stop the loss of the tax base by sending home a lot of H1B visa holders that have taken our tech jobs here.

Right on! As a tech worker, I see this every day. My wages are the same as they were 8 years ago. Thanks, bean counters. Glad your bottom line is so healthy. Have a nice day!

Thank YOU President Obama!!!

This is loooong overdue! For too long we have actually encouraged offshoring American jobs and letting the super-rich hord all the money... enough is enough!

...and please pay no mind to the 21%ers (Republicans) who will tell you this will not help us and only hurt us... What do they know? They have lost ALL credibility on this subject and just about all others! This is such a great move... never thought a politician would have the fortitude to do this! I'm standing and clapping for you Mr. President! Go get 'em!

Discouraging outsourcing helps 98% of all Americans... and as far as the greedy super-rich who think they can play under a different set of rules – well LOVE IT OR LEAVE IT! Time you play by the same set of tax rules and the rest of us...

This will cause Bush Sr and Bush Jr along with Cheney to go into shock...They have been stuffng money overseas for years...To avoid taxs.

You can bet the farm on the "PARTY OF NO" will fight this to the bitter end.

Just posted a comment on this subject & already heard on the news that companies are saying that this will create job loss in the USA!
Obviously those companies that have been getting away with these practices are already worried they will loose money! As for the fact that they might move their entire business overseas, well, how about just imposing higher import fees on them?

Good. It is about time. I can hear the Republicans crying " it will cost jobs to the US." What it will do is take away money from the Republicans/executives bonuses.

Henry, the companies that are taking advantage of these loopholes can afford to pay their fair share. Paying a couple billion in taxes they owe isn't going to drive them out of business by any means. My question to you is, you complain about us trying to get all the taxes they owe to the government but then you complain about people like Tom Daschle and a minor tax problem. The Republican Party is dying fast!

David wrote: obama, how about a flat tax rate here in the USA regardless of income? close all loop holes and deductions excepting for dependents and mortgage. tax code in the usa needs your attention, if you can do anything about it.

So if I'm making 250k/yr say there's a 20% tax for everybody. I'll take home 200k. More than enough to live on. If, however, I'm making 25k/yr, I take home 20k. Fair? Have a nice day.

Just to be clear, and in case the thought hadn't occured to you. With Obama being President and the Democrats winning ev erything anyway. Here's a thought that should terrify the GOP.................

The floodgates are open and you Republicans can get ready for either a Chinese President or perhaps a native American. wouldn't that be great. maybe a Cuban, who knows?

Here in Canada it would be wonderful to have a member of the Cree or perhaps MicMac indian tribes as prime minister. how about an Eskimo.

Australia could get an aboriginal and the UK could get an Irishman.or a Pakistani.

The floodgates are open Republicans better move to Alabama or Texas, the last red neck states.

Dems have been talking about this for years, but until now, have not had the guts to do it. Time to pay the taxes.

I am GOP supporter and small business owner.

I support on this issue OBAMA 110%. US companies that sell their goods here in US should pay taxes here, and keep jobs here.
As a business owner, I do not mind paying higher tax as long as it is not being misused, and I do not think its going to be.

I support our President in this issue.

God Bless

Once again Obama is concerned about hurting private business through taxing which will result in layoffs. See what happens when you elect someone with no private business experience and has been on he reliant on taxpayers his whole life.=HIGHER TAXES

This is all fine and good, but the reality is that big businesses and rich people who have overseas accounts will simply find another way around whatever law is put in place to close the loopholes. Businesses and people who are trying to get around paying taxes, will find a way to do it. Though I think the gov't should try to stop it, the reality is that it is going to cost a lot of money to crackdown on big business and rich people. Not sure this will be quite the boon of income they are projecting.

Wouldn't it be nice if the gov't would just cut spending? All of us normal citizens are having to do that right now, so it would be nice if the gov't would make some real strides to do the same, instead of passing huge deficit budgets.

Thank you President Obama ,it's about time they close loopholes for overseas tax havens and end tax incentives for creating jobs overseas. A lot of company have there main headquarter overseas. Go President Obama.

Why should the working class pay taxes for roads, schools, welfare to the rich corporations. It's about time that the People are in control of this country, not the rich corporations who for the past eight years were in bed with the government, who basically told the tax payer, "Let them eat cake.:"

Dwight it's not cheaper to move your entire business overseas.
Additionaly it's not thuggish to close loopholes for tax evasion...it's thuggish to allow businesses to screw the American public by hiding behind GOP tax codes. Get a clue.

Does this mean jobs will come back home to the U.S. instead of being outsourced????

Ha, ha. Is Obama going to start by demanding that Charlie Rangel pay his taxes? Or is Charlie Rangel going to write a special exemption for himself into the tax code?

now i REALLY want to hear from those republicans like russ limpballs and lou dobber down. this should have been done 100 years ago. IF the rich had done, if the far out of it right would have done, what the Bible says and that is to take care of the sick, the poor,widows,etc- nobody would be interested. These ME ME ME far right babies need their M taken away–milk and money.

We could use a nice revamp of our current domestic tax code while we're at it.

Be advised that the "Just say NO!" republicants and blue-dog democraps are gonna scream bloody murder over this.
Those politicans who are nothing more than bought and paid for puppets of rich folks and big multi-nationals are gonna throw every scare tactic they have at attemps to balance the playing field a little towards keeping jobs and fair taxes in the US.
Film of mass hysteria and predictions of the end of the world at 11....

Oh boy, wait until the Republican "Club for Growth" types get ahold of this. They hate to see corporations or the rich pay their fair share of taxes and would rather stick it to working men and women because they continue to operate under the dual delusions that supply side economics ala Ronald Reagan actually benefitted everyone and that giving a tax break to those who don't need it will "trickle down" to the little guy. They conveniently forgot to factor in greed, which is what the GOP really stands for.

Finally something that makes sense!!!!!!!!!!!!!

As always Mr. President you're doing a great job! Its about time someone address that problem of tax loopholes. But wait, want the Republicans accuse you of doing too much again. Don't worry another 2-3 years hopefully they wil be like dinosaurs. LOVE YOU! !!!!!!!!!!

It's about time. And, I look forward to the spin by the Neocons on how this is bad for business, when actually it's only bad for overpaid, underperforming CEO's and the like.

All I can say to this is....ITS ABOUT TIME

End tax breaks for companies that ship jobs overseas (That was an Obama Campaign promise)

And while you're at it, stop bringing in tens of thousands of foreigners from overseas every year who come here to take our jobs, especially when so many of us who were born here don't have jobs now!

This means that jobs won't be outsourced as much? We can keep jobs here in the U.S.? We can put people back to work instead of shipping customer service jobs to India?

That puts people to work right here in the States, puts money back into the economy, and stops the flagrant dismissal of employees due to employers outsourcing jobs.

So many of us out here in the workforce have been against outsourcing for years because we've watched our friends and ourselves become unemployed due to someone somewhere else getting our jobs.

About time someone did something about this.

I'm going to have to go and buy some ear plugs b/c the GOP is going to start screaming and whining even louder.

"Class Warfare" and other phrases like "socalist/marxist/communists" are going to be heard through the airwaves in 3, 2, 1....

Good job Obama, again.

OUTSTANDING! Way to go, President Obama.

Great, now he is chasing international firms out of the US, and making it harder for US based firms to compete internationally, not to mention the trade war type effect this will have on competition.

This man is brilliant, and in the brilliance you get when you wash your fine china in lemon-fresh joy. All sparkle.

Thank God!!! For all the critics of Obama. He has followed up on every promise of his campaign. The days of the the "suits" creating loop holes for themselves and friends are over. I'm sure the party of no will even criticize this. But I'm not sure how.

Kudos to "O"

So the government gets richer and the people get porer. So much for, I will not increase taxes.
The only way Obama's budget works out is if things go perfect in Iraq, Afghanistan and Pakistan. Since they are not Obama is using your money as a supplemental income to fund his budget. Before all you dems start with all the last 8 crap, I would like to point out that bush would do the same thing. Obama was supposed to be for change remember. I remember when all you dems were hear saying when obama takes control everything will be better. Well nothing is, not any of the wars, not any of the economic issues, we are all paying more in taxes ,clearly our national security is not good considering we are in a state of emergency right now, and the rest of the world hates us still. Now they think we are a joke because our president calls us arrogant and you dems think that is a good thing.

Boy...Wall Street isn't going to like this one! I can hear them screaming already...

HIGHER-LEVEL PROFESSIONALS....OBAMA WILL CAUSE YOU TO LOSE YOUR JOB.......

Some how, the incompetent elect, thinks this will bring jobs back to the US...by punishing companies who send some of their manufacturing or servicing over seas.

NOPE – here's what's going to happen. The board of directors of these companies can EASILY relocate the company HQ from the US to a more tax friendly country. Moving HQ's would be cake compared to moving manufacturing, which in most cases is already in China.....Problem solved. With a global economy, why not? Some developing nation like Costa Rica will welcome such headquarters with open arms...wooosh....that's the sound of thousands more american jobs going overseas. Now, we'll have they're empty HQ buildings and facilities to deal with as well....retail mortgage defaults....no, this administration will continue to contribute to the total downfall of the country. I firmly believe that Obama, being Anti-American to the core, is after the Bill of Rights, Constitution and any other governing document that has established the American way...
"Progressive," the libs like to call it. Well, they need to read a history book....Obama's creating one big nanny-state, while driving viable industry out of business, to within government control, or leaving the country...there go your jobs, libs, (if you have one)....wow...sounds like the USSR....oops, I forgot, most of you young obama supporters are too young to remember the USSR, or too uneducated......Well, you whiny libs can't blame GW or Cheney for that; that's all OBama, Pelosi, Reid...Dodd.....Kennedy.....the perfect storm..

........Obama Change ! Obama Hope! Obama inexperience and endangerment to the country!

Yes!!! This is change I can believe in!

Good idea if actually this is followed through with – which is unlikely as Congress will protect their buddies. Obama has talked alot knowing his blabbing won't happen as that is what makes the mainstream media and "makes people feel good".
It's a game he plays called "symbolism over substance".
Joan B
WI

About time; let's see how the Republicans – who were fighting against spending and everything else under the sun – try to protect these loopholes.

More Americans out of work..., gee thanks Obama.

What is the difference between a "loophole" and an "incentive?" If we are truly so eager to crack down on corporate excess and unfair taxation, why the $750,000,000,000 corporate cash give away?

Will the President stop Bloomberg and the MTA from increasing fares ??

What happened to all that pork !!!

It is about time that a President stood up to the rich who do not want to pay taxes! I am sure that the Republicans will throw a fit about this, as the rich and powerful have brought thier votes.

Answer: H.R. 25

The current tax code is weighing in at about 54,000 pages. (Over 2.8 million words). It isn't effective. It has only proven a tool for politicians to manipulate the confiscation of our money. They pick the winners and losers.

There is a reason overseas accounts exist. Simplify the code and lessen the penalty for success and you could see the 12 trillion in overseas accounts come back on shore. That would dwarf the most recent "stimulus" package and not have the impact on the economy or federal budget.

It's about time!

We may not be sure if or not the GOP will raise hue and cry about this international tax policy of BHO. The feeling is they will. most likely, oppose to make their presence felt with, probably, a bang.

This bill will never pass the Senate and may not even make it out of the House as the wealthy contributors to the Dems will lobby strongly against it. Let's see if Dodd, Pelosi, Reid, Kerry, Lieberman, Frank and others have the ethics to vote this thing through. My bet is that the spin doctors will find a way to soften this or let it die in committee giving Obama a big no vote against his plan for socialism in this country. And for those that say the GOp will block it - wake up, the Dems have the fillibuster proof majority in both the House and the Senate and if it does not pass, or fails to come up for a vote, the blame lies squarely with the Dems. If you voted change, and this bill dies, than the change we need is TERM LIMITS IN CONBRESS

Heard a report this morning that, although some politicians demand a reduction in the 35% corporate tax on income over $18.3 million, almost none of them actually pay more than 2-3% due to loopholes and hidden profits.

Ireland has the lowest corporate rate (12.5%). So perhaps the U.S. should lower the corporate rate to 12.5% and cut out all of the deductions and loopholes.

How is it patriotic to hide your income offshore? People seem to forget that the services we expect require revenue. We can pay taxes or we can borrow now and pay taxes later. Already, I've heard people whining because some programs are being cut or eliminated. Too bad, nothing is free and the bills for the last 8 years of borrowing are DUE.

Oooh! The Republicans are going to hate closing tax loopholes that allow companies to cheat America out of billions in revenue. But that's just typical of them and their long list of failed policies.

Good luck on getting that done. There has been much in the way of lobbing to get the tax code set up the way it is. It will take years to start to get it cleaner, smaller and easier to understand. I hope that does happen though.

Mr. Pres, Thank you! I work for my USA money!

FINALLY!!! YES please!!!

I have been laid off 4 times on 4 years (!!!!!!) due to outsourced positions being cheaper. I even had to go and train the person taking over my job. (I now work for a company that does not believe in outsourcing,)
The quality standard went straight downhill.
Meanwhile my ex-CEOs made millions!
A friend of mine decided to go out of country to oversee the vendors, she gets thousands in additional money because it still pays off for the company, but she had to sacrifice her family life completely.

There is nothing good in outsourcing.
The lobbying comes from people that fill their pockets on the expense of the workers.

Once again anything to hurt business by ivory tower "thinkers" trying to hamstring the actual economic "doers." But that's what you get when you elect someone who never had a job.

Exactly what we elected President Obama to do. Bravo!!

Please don't listen to the lobbyists on this one Obama, reward the companies that create jobs in the USA and punish the ones only looking out for the bottom line without any concern for American workers.

About time for an Administration that is not for the Corporate, run by the Corporate and is the Corporate...

Good! It's about time. I can't wait to see what reason the republicans have against this. Have a nice day!

please END the shipping of american jobs overseas – to india and china – that GW Bush started NOW!

It's about time!!

I am glad cause I am tired of calling my credit card company and my cell phone company and getting a middle eastern guy who says his name is Bob or Rick and I can't understand a word he is saying. American are struggling with Jobs lost and I am trying to get my phone fixed by somebody who cannot speak good english come on people. That is frustrating

About time. Lets publish a list of all those supposedly American companies that wave the flag while paying their employees overseas pennies a day and could care less about benefits.

This piece reflects a lack of knowlege about the subject. Ms. Malveaux needs to spend a little time learning the basics of U.S. taxation of international transactions, and check-the-box regulations in particular, if she plans to report on them.

Calling this a "loophole" is demagoguery on the part of the administration. I voted for President Obama and support him in most matters, but to this point, his tax proposals make little sense. If this bill passes, foreign companies will hold an even greater competitive advantage over U.S. companies in the international marketplace.

This will be a good move for our country.

Finally a President that is working for the "best interest" of the American people and working poor. This should deter all corporations who only want profits and the hell with workers!

I hope this passes thru congress at lightning speed.

Real question, anyone know the answer:

Would this hurt individual investors who invest in "international" companies via stocks, IRAs, 401(k), etc.?

I agree with something obama is doing for once.

although the only jobs he's created so far are government jobs supported by taxes. Oh well, just another group of words read off a teleprompter.

So, he'll make it cost more to do business in the U.S. Why would corporations want to stay? They could move to Singapore, enjoy much lower taxes and just have their "branches" in the U.S. instead.

It's the same on an individual basis. Say Obama took away the mortgage interest deduction, thus making it cost more to own a home...why wouldn't everyone just start renting?

He makes it sound good "look at all the new revenue that we'll get" but fails to measure how much that "real" revenue will decline in the face of having to pay it.

'Bout dam time!!!!!!!!!!!!!!!!!!!!!!!!

Go Obama! Go!

We need to do this. This is pending for a long time.

Watch the republicans defend this practice

The only people lobbying against this will be companies who send jobs overseas and who cheat America!!!!

The GOP talks big about fiscal responsibility, but when it comes to enforcing it they show their true colors: they support the tax cheats and tax evaders!

It's about time. I don't see how anyone can oppose this. For too many years, people like Dick Cheney have shown their "true" patriotism by getting out of paying billions in taxes while those of us who work hard down in the trenches and those who give their entire life to their trade have footed the bill. I see this as a win-win for America.

Good decision.

"When asked about the intense lobbying effort already underway against these reforms..."

Did you expect the rich to just say okay we'll pay our taxes fairly? You don't get to be that rich by not knowing how to take advantage of the system.

Well, it about time! Perhaps the community of hopefuls can add their letters of support to couter the 200 in opposition to this plan.
It really could boil down to an issue of Patriotism....do you support the viability of America or do you throw your dollars to the wind?

And there is goes, headlong into ensuring that US corporations become uncompetitive on a global basis. Within a year, imports will be rising, unemployment will be in double digits and inflation creeping up.

Thanks Barack, you've made us the Thirld World in record time.

Good luck,the rich have had it their way for a long long time....

Why do companies want to have jobs overseas? Because it's cheaper, that's why. Why pay high US Taxes if you don't have to?

Interesting plan by Obama – long on how he's going to close tax loopholes and short on how he would insentivize companies create jobs here.

The problem lies with people like Obama and lefty Democrats who are tax and spend artists. Why create jobs here when the government only penalizes you?

About time. I hope this is structured so as to make it more profitable to play by the rules here in the US than to go oversees or get caught avoiding taxes. I also hope the Dems can get behind Obama on this one and not let the lobbying get in the way. Here's hoping.

I hope its not too late to catch Rush Limbaugh.He claims to be a good citizen that pays his taxes but I think he hides his millions overseas.Thats just my opinion because I dont believe a thing he says.

Tax Tax Tax Spend Spend Spend.

With all the fist-banging the Republicans have done about jobs going overseas, why didn't they do this 9 years ago? Could it be because it would hurt the CEOs who are all the Reps care about???

Thi should teach stop employers from shipping jobs overseas.

Let the games begin! There are more of us than the Lobbyists that will have letters on Congress' desks. Read our lips: NO MORE TAX BREAKS FOR THE RICH OR OVERSEAS COMPANIES!!

I'm glad to hear this news. My personal thoughts on this matter are simple, if you made the money, pay the taxes. for those who deliberately sought to avoid paying their taxes, hit them hard.

Well that all sounds good and all, but I need some money. As in, cash in my hand pronto.

Way to obama! Just what business needs, new tax levies to discourage growth. So this is how we create/save 3.5 million jobs? This guy is a clown who is in way over his head.

Our tax code is a million pages of special exceptions, exclusions, and loopholes, paid for with the campaign contributions and bribes of the beneficiaries. Our tax code needs to be completely revamped. A new tax code should adhere to these principles:

1. It should be progressive. Those who receive the most income should pay a larger percentage of their income in taxes.

2. The purpose of the tax code is not to provide "incentives" – with elaborately designed deductions for this or that – but simply to raise revenue for government activities. The incentive to do the right thing comes from our moral code, not our tax code.

3. Reduction in taxes should be paired with a corresponding reduction in specified government services. In other words, if you propose a tax cut, you also propose a spending cut that will make the tax cut affordable.

I am certain this will bring about boos from our Republican Congressmen.

It's about time something is done.

Rest assured, big companies who abuse this law will not be happy knowing that they will have to begin paying their fair share of the taxes owed.

Good move! Everyone needs to pay their fair share!!!

It's about time.

It's about time. And further stop the loss of the tax base by sending home a lot of H1B visa holders that have taken our tech jobs here.

In the middle of an ailing economy, this idiot, Obama, is trying to drive businesses out of the country? Or drive them out of business entirely?

It is absolutely unconscionable that with businesses failing at a shocking rate, or having to scale back their operations, in both cases depriving people of their jobs, the administration seems to be determined to squeeze even more blood from an already squeezed-dry stone.

The prevailing attitude of government seems to be one of to hell with the businesses that drive the American economy, and to hell with the people who drive those businesses. Kill them, hurt them, it doesn't matter, so long as essentially parasitic government gets all the money it wants.

The American economic pie is shrinking; the already outrageous proportion of that pie usurped by government is growing. If this keeps, those two circumstances will result in providing the Federal government with 100% of nothing.

get rid of the AMT while you're at it.

Way to be ON IT Pres. Obama! Keep those jobs at home! I don't think the wealthy shareholders of these companies that keep shipping job overseas are going to be thrilled but....who gives a flying?!! Let's hope their "friends" in the Senate finally put country first and don't try to block your efforts.

Obama '08, '12 and beyond if possible! SEND/SUBMIT!

This is a call to “THE PEOPLE” !

Though well intended and entirely justifiable on the merits, this will never happen if we leave it to the White House and Congress to make this change.

The firestorm of interests that will campaign, coerce and threaten will be unprecedented and unrelenting. The only way our elected official will be able to stand up to the barrage of attacks they will surely endure is if “We the People” stand up in support of the good people in the federal government who are trying to do the right thing.

A real nice thought but does anyone think that Congrerss is going
to approve such a move? We all know both Dems and Repubs will
be lobbied to "put it on hold" for another time for another election.
It's not "We, the people...."; but rather "We, the stupid people....".
Until the voters think for the well-being of the nation and not only for
themselves, like the Republicans do, then we should not complain
about the status quo.

This is a bold move by the Obama Administration. Of course, the corporate world will try and convince us that hiding taxable funds is needed in order to maintain jobs here in the US. They'll tell us that they will have to cut jobs in order to stay afloat. Well let's cut them off before they begin. We're already aware of corporate tax shelters and the wealthy's international tax havens. Are they using those funds to keep business afloat? No. It's power and influence they're seeking and they will put the American people at risk to prove a point. Be careful Mr. President, I'm sure you're aware with whom you're dealing.

None of the people Obama has hired pay their taxes anyway. So why do they get to legislate what we pay???

About time to crack down on the people who call themselves americans and dont pay there fair share.

Thanks President Obama for this move in helping to fix this country.

What lobbying group is against this? Honestly. The SCAT. Special Citizens Above Taxes. haha. lol

Excellent!
Thank you President Obama.... this is long overdo.

obama, how about a flat tax rate here in the USA regardless of income? close all loop holes and deductions excepting for dependents and mortgage. tax code in the usa needs your attention, if you can do anything about it.

I'm curious as to how taking away the ability to leave overseas revenue in overseas accounts where it is not subject to US taxation will create a business incentive. Rather than resulting in more tax revenue, this seems likely to incite companies to transfer completely to their foreign offices. Why do business as a US company when it's less profitable and harder to compete?

This "crackdown" on overseas finances is very thuggish in nature. It's getting to the point that being under the heavy hand of the federal government's tax machine is a liability in both business and personal life. Is the IRS becoming our version of the Gestapo?

Thank you Mr. President. It's about time someone in the white house placed the United States well being above corporate interest.

I've been saying this should be done for years. Outsourcing has cost Americans more jobs than any illegal immigration problem. And companies avoiding paying taxes through legal loopholes has cost our country billions of dollars in tax revenue. Right on Mr. President.

Good!!!! It's about time these people stop taking advantage of the tax code to take jobs and money outside of the country.

"The U.S. government also loses about $9 billion in tax revenue from wealthy individuals who use illegal tax havens overseas, a senior administration official said."

And yet, Republicans still push the elaborate con of Reaganomics and seek the support of anti-government groups like Club for Growth.

All th while, spouting such nonsense as, "Tax cut lead to increased revenues"

The GOP will fight this tooth and nail, since their base is created from 'fat' companies and individuals. This is why they will , once again, fail. The American public is getting more liberal as time goes by. that being so the GOP, once so stong in US politics will slowly fade away. It's going to take a lot more than Meghan McCain to over come the GOP greed and stupidity image. Ann Coulter and Sarah Palin's stock in trade is hate mongering and people laugh at these shallow lightweight morons who are the public face of the GOP. for the sake of the USA the sooner the GOP dies the better.

if the administration wants the publics' blessing on this subject; he might publisize those corporations who now legally use "check the box" waver, then we might assist him in and his adminisrations attempt to recoup these billions ..he'll need to, given the billions he's showered to the likes of AIG,etc..