Overview

Loopholes in the tax codes allow corporations to pay less taxes than citizens do. The president’s plan makes the tax code fair and creates more revenue. Here are the changes proposed:

1. Generate $210 billion in revenue by closing off shore tax havens that shield some of the nation’s biggest financial institutions from paying the US government.   

2. Generate $23 billion by making sure hidden profits made by hedge fund and private equity managers are accounted for and thus provide an above board income stream for the government.

3. Generate $844 million by making sure government contractors pay their taxes in full.    

In addition, the President’s plan helps to pay for clean energy programs with a $31 billion investment generated by eliminating inefficiencies, tax giveaways and subsidies in the tax code which currently benefit oil and gas companies.