Obama Attempts to Close Tax Loopholes

I think there may be quite a bit of pushback on this issue from business groups.

The president said he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign countries rather than recording them at home and called for more transparency in bank accounts that Americans hold in notorious tax havens like the Cayman Islands.

I think this will be yet another thing that makes more US companies re-domicile in Switzerland or wherever. The more you tax these companies the better the cost-benefit analysis of moving your company headquarters looks. Too bad for the states that used to house these corporations because they will eventually need a bailout from all those lost state taxes.