Obama’s Budget Plan Complicates Talks on Corporate Tax Overhaul

President Barack Obama renewed his call to raise taxes paid by U.S.-based multinational corporations and oil and gas companies, complicating efforts to overhaul the corporate tax code this year.

The president, in a $3.7 trillion budget plan released yesterday in Washington, revived dozens of proposals that Congress has rejected, including $129 billion in higher taxes on the overseas profits of U.S. companies. He also proposed changing the tax treatment of oil, gas and coal companies, which would raise about $46 billion.