White House reportedly pushes crackdown on tax havens

The White House plans to crack down on the use of offshore tax havens by businesses and taxpayers, according to a Wall Street Journal report.

Details of the effort will be unveiled at a White House event scheduled for 11 a.m. Eastern. Treasury Secretary Timothy Geithner is expected to attend.

The new rules are aimed at ending the practice of leaving foreign earnings parked in offshore tax havens. The Journal said $700 billion may be sitting in overseas accounts.

The White House estimates that the proposals could raise about $200 billion through 2019.

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- Posted: 2009-05-04 09:21:52

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