Treasury Secretary Timothy Geithner told the House Ways and Means Committee on Tuesday that Obama will propose legislation to limit U.S. companies' ability to shelter foreign earnings from taxation in the U.S. He also said the administration will try to limit wealthy Americans' ability to use tax havens to avoid taxation.
A PR move and nothing more. There's nothing preventing a corp from establishing a corp in another country and then selling to that corp who in turn sells to the public. You can't touch that, it's earnings in a corp outside the jurisdiction of the USA. That's like telling some corp in Germany that buys a portion of their parts from a USA based company that it owes taxes because part of that product came from the USA. Not gonna happen.
And citizens who have money overseas in banks in Switzerland, or Andorra, or Monaco can disguise that money in accounts that will appear as though they have nothing to do with the citizen who actually holds the account. This dolt thinks Joe Smith is going to have an account in a bank in Monaco under the name Joe Smith. Joe Smith's account is called ABC of Monaco, Inc. and the gov't there will assist Joe Smith in keeping it covered. I've seen it happen. Besides, there's way too many rich Dems who aren't going to let this happen in the way Hussein wish it would happen.
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