Obama’s tax idea alarms business

They say the president’s proposal would unfairly penalize U.S. companies that are trying to compete in global markets.
By Christi Parsons and Peter Nicholas
Los Angeles Times
May 5, 2009

Reporting from Washington — President Obama’s plan to crack down on what he called abuse of overseas tax loopholes was met Monday with quick and unusually sharp opposition from big business, threatening to produce the administration’s first major confrontation with a broad segment of corporate America.

The fiercely negative reaction to the plan, much of which requires congressional approval, contrasted strongly with the business community’s muted criticism, at most, of the president’s sweeping government intervention in the banking and automobile industries.

Read the rest:
http://www.latimes.com/business/l
a-fi-obama-taxes5-2009may05,0
,678393.story

Related:
Obama’s Overseas Tax Loophole Photo Op: Road To Nowhere

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