Obama Budget Raises $276 Billion From U.S. Multinationals

President Barack Obama is proposing more tax increases for U.S. multinational corporations, seeking ways to prevent them from avoiding taxes by exploiting gaps in international law.

In the fiscal 2015 budget proposed yesterday, the Obama administration seeks to generate $276 billion over the next decade from what it calls loophole-closing in the international tax system. The revenue -- 75 percent more than was sought through such changes in last year’s budget plan -- would be used to reduce corporate tax rates.