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  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 589.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/views/plugins/views_plugin_style_default.inc on line 25.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 135.

Obama's proposed international minimum tax for US companies with overseas profits

President Obama in his State of the Union message on Tuesday night proposed creating an international minimum tax that companies with overseas profits would have to pay. The Obama administration has not yet specified a rate but the principle will be included in a corporate tax package that will be released in February with the president’s budget plan for the 2013 fiscal year. Since the 2008 presidential campaign, Obama has argued for incentives for US multinationals to inshore jobs from overseas while providing disincentives for outsourcing. The latest proposals that will be sent to a gridlocked Congress in an election year are what Americans term DOA (dead on arrival). However, in the fiscally challenged years ahead, tax reform is likely to move up the congressional agenda and the proposed minimum tax is a bigger threat to Ireland than European Union plans to have US firms pay tax on their sales in for example Germany to the German government rather than the Irish government.
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