WASHINGTON - President Barack Obama on Monday will propose raising billions in new tax revenue by changing tax policies for U.S. firms with overseas operations, according to administration officials familiar with his plan.
In an announcement at the White House at 11:05 EDT (1505 GMT), Obama will announce a series of international tax policy and enforcement proposals that together would raise $210 billion over the next decade.
U.S. officials, who spoke on condition of anonymity, said that as part of that package Obama would propose altering provisions that allow companies to defer paying taxes on profits earned overseas. Companies would still be allowed to defer paying taxes but they would not be allowed to take deductions on expenses for overseas operations right away, as current law allows.
The administration contends the changes would encourage companies to keep jobs at home but U.S. businesses oppose such ideas, saying they would make them less competitive internationally.