President Barack Obama's budget proposals will include a minimum tax of 19 percent on U.S.-based companies' future foreign earnings and a 14 percent tax on their stockpiled offshore profits, Bloomberg news said on Saturday, citing two people familiar with the budget. The planned taxes are part of a $3.99 trillion budget plan that will be rolled out on Monday and is designed to help middle class and poorer Americans by increasing taxes on the wealthiest, Bloomberg reported. Obama wants to use new revenue to pay for infrastructure projects and these two provisions, along with the extension of certain laws that are set to expire, would yield $565 billion over 10 years, according to one of the people cited by Bloomberg in the report (http://bloom.bg/1zJb5Kw).
The Islamic State group claimed in a video that it has beheaded a second Japanese hostage, drawing international condemnation and outrage from a visibly upset Prime Minister Shinzo Abe, who denounced it as a "heinous and despicable" act. The apparent killing of 47-year-old Kenji Goto -- the second beheading of a Japanese hostage in a week -- was announced in a video released online that included no mention of a Jordanian pilot also being held by IS, whom the jihadist group has threatened to kill. Goto, a respected freelance journalist, is seen in an orange outfit -- similar to those worn by Guantanamo Bay inmates -- kneeling next to a standing masked man who speaks with a British accent and blames the Japanese government for his "slaughter". The executioner addresses Abe, saying the murder was the result of "reckless" decisions by the Japanese government and would mark the beginning of "the nightmare for Japan".