May 3, 2009 / 11:02 PM / 8 years ago

Obama to roll out international tax proposals

WASHINGTON (Reuters) - President Barack Obama plans to roll out a set of proposals on international tax policies on Monday, in an announcement with potential implications for U.S. multinational firms.

The White House said Obama will be joined by Treasury Secretary Timothy Geithner for the 11:05 a.m. EDT (1505 GMT) event.

Obama’s budget outline released in February made reference to proposals to change the tax treatment of U.S. firms with overseas operations and measures to crack down on international tax evasion.

The White House said at the time the measures would bring in $210 billion in additional revenue over the next decade.

During his campaign last year, Obama spoke out against provisions in the tax code that allow U.S. firms with overseas operations to defer payment of taxes on corporate profits if they plowed the money back into their foreign subsidiaries.

Obama said this gave companies incentives to ship jobs overseas.

Reporting by Caren Bohan and Kim Dixon; Editing by Doina Chiacu

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