Obama wants to raise $200 billion by closing offshore tax loopholes

The Obama administration will unveil its plan to close offshore tax avoidance loopholes today, which target both U.S.-based multinational corporations and wealthy individuals, according to The Wall Street Journal. Up until now, the administration's main focus has been wealthy individuals who hide assets in foreign banks, the primary example being the ongoing IRS case filed against UBS.

The new plan, if passed by Congress, could raise up to $200 billion by closing four loopholes:

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