<h1>Obama Administration Proposes Tax Reforms to Curb Offshore Evasion, Boost U.S. Jobs, and Close Loopholes.</h1> The Obama Administration aims to reform international tax laws to promote job creation in the U.S. and curb tax evasion through offshore havens. The plan proposes eliminating tax advantages for companies investing overseas, closing foreign tax credit loopholes, and making the research and experimentation tax credit permanent. Additionally, it seeks to tackle tax havens by reforming rules that allow 'disappearing' offshore subsidiaries and increasing IRS enforcement. These measures are expected to raise $210 billion over ten years, with bipartisan support anticipated for legislative action. The initiatives aim to level the playing field for U.S. businesses and enhance tax fairness.