President Obama announced Monday a plan to prevent U.S. companies using offshore banks to deferr tax payments, saying that
the effort to "shelter" money creates an unfair advantage to U.S. companies and amounts to evasion.
The president also
called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands.
"The way to
make American businesses competitive is not to let some citizens and businesses dodge their responsibility, while ordinary
Americans pick up the slack. Unfortunately, that's exactly what we're doing," Obama said. More………..