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Magik Negro is tilting at windmills.
Scamming the IRS out of 100s of $Bs is how wealthy and the corps become more wealthy and tighten their grip on the levers they use (eg, Congress) to run America.
Obama Takes Aim at Offshore Tax Havens
By JEFF ZELENY
Updated
President Obama will present a set of proposals on Monday aimed at changing international tax policy, calling for the elimination of benefits for companies and wealthy individuals that harbor their cash in offshore accounts.
The president and Treasury Secretary Timothy F. Geithner will announce their plans during a late-morning appearance at the White House. The proposed overhaul in the tax code, which will be fully unveiled in the administration’s budget later this week, could help raise $210 billion in revenues over the next 10 years.
One of the key proposed changes would restrict companies from deferring the payment of taxes on profits earned overseas. Administration officials said the plan also would keep firms from taking deductions against their taxes by inflating the amount of foreign taxes they paid.
Mr. Obama raised the idea frequently during his presidential campaign. In a speech to Congress in February, as he outlined his priorities for the year, he pledged to make the tax code more equitable by “finally ending the tax breaks for corporations that ship our jobs overseas.”
The White House said that Mr. Obama would seek to crack down on overseas tax havens in an attempt to “close the international tax gap.” The president is aiming to take away the compe ive advantage for companies that invest and create jobs overseas, working to replace their tax advantages with incentives to produce jobs in the U.S.
Several large businesses have opposed the proposal, telling Congressional leaders in March that the provisions would make U.S. companies less compe ive. About 200 companies and trade associations, including Microsoft Corp., General Electric Co. and the U.S. Chamber of Commerce, signed a letter stating that the proposed changes to the tax code would put them at a disadvantage with their rivals.
While Democrats have a strong majority in the House and Senate, the administration’s proposals are still expected to face considerable opposition.
In his presidential campaign last year, Mr. Obama often criticized provisions in the tax code that allowed American firms with overseas operations to defer paying taxes on corporate profits, providing that they placed the money back into their foreign subsidiaries.
In his speech on Monday, the president will call for an end to that practice, as well as seeking to close the loopholes that allow companies and individuals to legally avoid paying billions in taxes through hidden accounts.
The White House said that Mr. Obama also will call for a crackdown on the abuse of tax havens by wealthy individuals. Officials said the president will propose making it more difficult for financial ins utions and wealthy Americans to evade their taxes.
The speech is scheduled for 11:05 a.m. in the Grand Foyer of the White House.
LINK
Magik Negro is tilting at windmills.
Scamming the IRS out of 100s of $Bs is how wealthy and the corps become more wealthy and tighten their grip on the levers they use (eg, Congress) to run America.
I love how on my Google top stories I read Bloomberg press and various republicans characterizing this as a "tax increase". Yeah because shutting down the practice of inflating foreign taxes and illegally dumping money into Cayman Island accounts is the same as jacking up tax rates.
I can understand the argument when it comes to job creation, but otherwise, ing bull way to characterize this.
this is something everyone who isn't super rich should be for
*shrug*
morality and taxes don't go together very well.
If they weren't spending so much they wouldn't be so desperate for all these rich people's money.
but Obama's gonna do what he's gonna do.
"If they weren't spending so much they wouldn't be so desperate for all these rich people's money."
So it's OK for the capitalist oligarchy to evade taxes as long as the Feds balance the budget or run a surplus?
That's because it's the only way to get Joe Plumber and Susie Homemaker-Foxwatcher to give a .
All we need. More class warfare.
There's a reason money gets sheltered. 5% of the population already pays 80% of the tax burden. Want them to simply change citizenship, or something else?
There is no solution to bring in revenue f4rom these people. All that will happen is moving them farther away.
We have the 2nd highest corporate tax rate in the world. Bring the tax rates down, and eliminate the loopholes. Better yet, stop taxing production, and watch this nation boom.
Those of you participating in the class warfare. Shame on you. You are part of the problem, not the solution.
Really? So it's okay to not pay taxes because there's no place for morality here?
another astoundingly stupid position.
Ahhh, trickle down economics... Epic Fail!
And BTW, did you actually read what these companies actually paid in taxes using those shelters? Somehow I'm fairly sure 2.3% is among the lowest rates you will pay in the world.
Obviously, those rates are reserved for Jack the Billionaire, not Joe the Plumber.
Its dumb to bring morality arguments into a tax debate because there is nothing moral about pointing a gun at someone and demanding a little bit more or a little bit less money than from someone else. Its a policy decision nothing more. Too bad it happens all the time. Someone breaking a stupid law doesn't get me that worked up. They're just going to find another way anyhow.Really? So it's okay to not pay taxes because there's no place for morality here?
Obama better hope the money he takes isn't being used more efficiently than he is going to use it. That'd be like killing the golden goose. Probably isn't though. And its not going to help the economy because all that money is just going to be swallowed up into that monstrous debt.
But yea, rule of law and all that. The rich have it coming to them if they break the law. You or I couldn't get away with it. But that's more my own jealousy than anything else.
Legally evading taxes is one of America's greatest past times.
It's only a matter of time before my rothIRA is seen as a loophole.
P.S. I'm sure this increased tax revenue will go to pay off the deficit.
Yeah! Tax the out of those evil corporations!
Hey, why did the cost of everything I buy from corporations get more expensive?
lol brilliant.sad but true.
PepsiCo paid $0 in taxes in 2000.
I don't give a . There's a reason for that. Fix the root cause instead of causing more problems.
WC is ok with Pepsico not paying its fair share. Welfare for billionaires, yes, but not for me and thee.
They pay taxes. They all do that the propagandists tell the ignoramus'.
Annual Financial
2008 Net Income: $5,142 million
2008 Taxes: $1,879 million
WC believes the annual statements.
That's right, be an asshole. It doesn't affect you, family, or friends, so you are willing to them.
You really have a great morality.
With you guy's at ude, you are part of the problem:
WC wants to us to stand up for the communists, the Jews, the trade unionists and the Catholics.
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