Obama to tax our US firms
Mr Obama said yesterday that he would close provisions in US tax law that allowed companies to defer the payment of tax on profits made at their overseas operations as long as the profits were ploughed back into the foreign business. He said that this encouraged companies to expand their operations outside America at the expense of US jobs.
Bad news for London, worse news for Dublin but worst for the the US as the money grabbing system tries to squeeze every pip out of enterprise. So much for him being an international superstar as he retreats into isolationist socialism.