Obama's tax reform proposals target tax havens

(CNS Business): The Obama administration has unveiled a set of proposals for reforming the US business tax system that would lower the corporate tax rate from 35 percent to 28 percent and eliminate many tax loopholes. It would also introduce a minimum tax on income earned by subsidiaries of US corporations operating abroad, which would “balance the need to stop rewarding tax havens and to prevent a race to the bottom.” The goal, according to the proposal document, would be to keep US companies “on a level playing field” with competitors when engaged in business overseas. The proposal would also strengthen international tax rules by taxing the excess profits associated with shifting intangible assets, such as intellectual property, to low tax jurisdictions. Read more on CNS Business