SNAP ANALYSIS – Obama takes first step in tax overhaul

President Barack Obama’s move to curb overseas tax havens and job out-sourcing was his first major proposal in what promises to be a broad overhaul of the U.S. tax system.

* Obama chose a relatively populist initial step.

Americans have little sympathy for companies that park their money in places like the Cayman Islands in order to avoid paying U.S. taxes.

And they are even more fed up with companies who have benefited from tax incentives for shipping jobs overseas, blaming these policies for a broad erosion of the U.S. labour market.

* Not everyone agrees with his salvo at tax havens.