Obama Eyes Expanded Taxing Power Over Digital Economy

Law360, New York (March 5, 2014, 7:14 PM EST) -- A proposed tax change floated by President Barack Obama that would expand the government's ability to tax digital products finds some common ground with Republicans, but experts said Wednesday that it may not achieve the administration's ultimate goal: preventing U.S.-based multinationals from shifting profits overseas.

Obama's proposed budget for fiscal year 2015 would create a new category of subpart F income for transactions involving digital goods or services. The provision, which is projected to raise approximately $4.9 billion through 2019, is aimed specifically at holes in...
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