red states rule
05-05-2009, 05:40 AM
Pres Obama should be making sure his freaking cabinet is paying their taxes before he tries to convince us that he cares about people not paying taxes.
Also, Pres Obama needs to learn making use of 'legal' loopholes is not cheating
Obama Unveils Plan to Close Tax Loopholes
President Obama's plan would eliminate certain tax deductions for companies and consider U.S. citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating tax laws.
President Obama announced Monday a plan to prevent U.S. companies using offshore banks to deferr tax payments, saying that the effort to "shelter" money creates an unfair advantage to U.S. companies and amounts to evasion.
The president also called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands.
"The way to make American businesses competitive is not to let some citizens and businesses dodge their responsibility, while ordinary Americans pick up the slack. Unfortunately, that's exactly what we're doing," Obama said.
"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," he continued.
Under the plan, companies would not be able to write off domestic expenses for generating profits abroad. The goal is to reduce the incentive for U.S. companies to base all or part of their operations in other countries.
The current law, Obama said, "says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York. "
http://www.foxnews.com/politics/2009/05/04/obama-crack-business-taxes/
Also, Pres Obama needs to learn making use of 'legal' loopholes is not cheating
Obama Unveils Plan to Close Tax Loopholes
President Obama's plan would eliminate certain tax deductions for companies and consider U.S. citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating tax laws.
President Obama announced Monday a plan to prevent U.S. companies using offshore banks to deferr tax payments, saying that the effort to "shelter" money creates an unfair advantage to U.S. companies and amounts to evasion.
The president also called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands.
"The way to make American businesses competitive is not to let some citizens and businesses dodge their responsibility, while ordinary Americans pick up the slack. Unfortunately, that's exactly what we're doing," Obama said.
"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," he continued.
Under the plan, companies would not be able to write off domestic expenses for generating profits abroad. The goal is to reduce the incentive for U.S. companies to base all or part of their operations in other countries.
The current law, Obama said, "says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York. "
http://www.foxnews.com/politics/2009/05/04/obama-crack-business-taxes/