President Obama vowed Monday to overhaul tax policies that he said reward companies for shifting US jobs overseas and that allow wealthy people to evade taxes using offshore accounts. Obama said the White House plan would save taxpayers $210 billion over the next decade.

President Obama: “And that’s why today, I’m announcing a set of proposals to crack down on illegal overseas tax evasion, close loopholes, and make it more profitable for companies to create jobs here in the United States. For years, we’ve talked about ending tax breaks for companies that ship jobs overseas and giving tax breaks to companies that create jobs here in America.”