President Barack Obama's fiscal 2016 budget will seek new taxes on trillions of dollars in profits accumulated overseas by U.S. companies, and a new approach to taxing foreign profits in the future, Reuters reported on Sunday.
+ In his budget plan to be unveiled on Monday, Obama will call for a one-time, 14% tax on an estimated $2.1 trillion in profits piled up abroad over the years by multinationals such as GE, Microsoft, Pfizer and Apple.
+ The 10-year budget "does not seek balance, instead focusing on policies to address income inequality as he adds nearly $6 trillion to the debt," the New York Times reports.
+ Writes the New York Times' Jonathan Weisman: "The central question that Mr. Obama’s budget will pose to Congress is this: Should Washington worry about what may be the defining economic issue of the era — the widening gap between the rich and everyone else — or should policy makers primarily seek to address a mountain of debt that the White House hopes to control but only marginally reduce as a share of the economy?" |
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