Video: 3 Things to Know About Obama’s Proposed Corporate Off-Shore Profits Tax

President Obama’s federal budget for 2016 received all the usual fanfare in Washington on Monday. A part of the president’s budget is a 14 percent mandatory tax on multinational corporations’ existing offshore profits. This would affect a group of large corporations like General Electric and Apple, whose offshore profit add up to about $2 trillion. None of that money has been taxed by the U.S. government, and sits in accounts abroad in countries with lower tax rates, called tax havens. But according to the president’s budget, American companies would have to pay that tax regardless if they bring the money back home.