Obama announces plan to close tax loopholes WASHINGTON (AP) - President Barack Obama proposed Monday to raise taxes on the overseas profits of U.S. companies and to go after evaders who abuse offshore tax shelters. In announcing a series of steps aimed at overhauling the U.S. tax code, Obama complained that existing law makes it possible to "pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York." The proposal will be a hard sell in Congress. Sen. Max Baucus of Montana, chairman of the tax-writing Senate Finance Committee, offered a tepid response. "Further study is needed to assess the impact of this plan on U.S. businesses," said Baucus, a Democrat. "I want to make certain that our tax policies are fair and support the global competitiveness of U.S. businesses." My Way News - Obama announces plan to close tax loopholes American corporations with operations in the United States & abroad already pay country taxes here & abroad. If taxes are raised on these corporations--thereby taking more profit---it will only result in cuts here. Meaning--more job lay-offs here, employee wages cut here, & employee benefits cuts here. "Whether operations are in the United States or overseas--the profit all goes into the same pot of the corporation." Not only that but this is a policy that will encourage American corporations to move 100% of their operations overseas--in order to avoid all U.S. taxes. This "teleprompter President" is the most business ignorant of any President in U.S. history!