In February 2009 President Obama issued his first budget proposal for the US federal government. The document contained a cryptic, single-line $210bn revenue-raising entry reading simply “[I]mplement international enforcement, reform deferral, and other tax reform policies”. Later that year the Administration published a more comprehensive set of proposals describing the changes that it hoped would generate the projected revenue. Those proposals were pushed off the agenda because of domestic policy priorities; however, as shown in the budget recently issued by the Obama Administration for the 2011 fiscal year, the impetus for international tax reform has not disappeared. The principal international tax areas that are being targeted for substantial change can be categorised as: (i) those directed at US multinationals; (ii) those that target overseas companies; and (iii) those that seek to eliminate the avoidance of US taxes through the use of offshore jurisdictions. Some of the proposals are slated to take effect as early as next year.