Best of the web: US firms attack Obama tax haven crackdown

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US companies have reacted with horror to President Barack Obama's assault on tax havens. About 200 major companies have written to Congress warning that the proposal, announced late on Monday night, could put US companies at a disadvantage to foreign rivals, The Daily Telegraph reports.

John Castellani, president of the Business Roundtable, which represents chief executives of several major companies, said: "This plan will reduce the ability of US companies to compete in foreign markets, which will not only reduce jobs, but will also cripple economic growth here in the US. It couldn't come at a worse time." Full story… German Finance Minister Peer Steinbrueck pressed Switzerland on Thursday to enter "concrete" talks on loosening its bank secrecy rules, saying the country's laws actively encouraged Germans to avoid paying taxes at home, according to The Guardian. In a s...

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