On May 4, 2009, the Obama Administration released a statement reaffirming its campaign trail promise to toughen U.S. international tax rules in a number of respects that could have a dramatic impact on multinational corporations and other U.S. taxpayers with cross-border activities. The Administration?s previously released outline of its fiscal year 2010 budget had projected $210 billion in additional revenues over the next decade by increasing international enforcement, reforming deferral, and “other tax reform policies.”

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