Every U.S. individual and business engaged in foreign activities should take note of President Obama's recent tax proposals. On May 4, 2009, President Obama released information on a plan to raise $210 billion over a ten-year period by curbing the use of offshore tax havens and encouraging U.S. businesses to create jobs in the United States. The President's plan affects tax deferral rules, the foreign tax credit, entity classification and information reporting requirements of U.S. persons with foreign activities. The plan also targets U.S. persons holding funds outside the United States.
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