From the WALL STREET JOURNAL:
The plan appears designed to force large, multinational, nonmanufacturing companies to pay more by requiring them to pay taxes on their foreign income.
Banks and insurers would pay more because of new limits on the tax deductibility of interest on debt. Managers of hedge funds and private-equity firms could pay more because much of their income could be taxed at a higher rate.
The administration would raise taxes on the oil and gas industry by eliminating many of its numerous deductions and subsidies. And it would restrict the ability of certain companies to avoid paying corporate income taxes because they are structured as partnerships…
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EDITOR: Sounds great to us! It lowers the capital gains rate from 35% to 28% by plugging outrageous loop holes favoring special interests. Of course the Murdoch owned WSJ is the newspaper of special interests. This is a long overdue reform.
