The Conservative Cave
Current Events => Breaking News => Topic started by: Chris on July 11, 2009, 12:19:28 AM
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(http://i237.photobucket.com/albums/ff68/kayaktn/obama_geithner500.jpg)
NPR.org, May 4, 2009 · President Obama vowed Monday to "detect and pursue" American tax evaders and go after their offshore tax shelters.
In announcing a series of steps aimed at overhauling the U.S. tax code, Obama complained that existing law makes it possible to "pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, N.Y."
The president said he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign countries rather than recording them at home, and called for more transparency in bank accounts that Americans hold in notorious tax havens like the Cayman Islands.
"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," Obama said.
The president, who hammered on this issue during his long campaign for the White House, said at a White House event that his plan would generate $210 billion in new taxes over 10 years and "make it easier" for companies to create jobs at home. Over a decade, $210 billion would make a modest dent in a federal deficit expected to swell to $1.2 trillion in 2010.
http://www.npr.org/templates/story/story.php?storyId=103772912
Two months later. I wonder what else they've slipped under the radar with no notice from the national media.
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Obama complained that existing law makes it possible to "pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, N.Y."
Of course Lord O will never offer tax cuts as incentives to hire American workers. Every step he makes just drives more business overseas.
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So, he wants to assume guilt on the part of financial institutions that are outside the jurisdiction of the United States, and not covered by US Law.
I just read in the paper (Stars and Stripes) yesterday (July 9 edition) that Switzerland refuses to allow its banks to release any information, stating it is in direct contravention to their national law. What Swiss bank executive will cooperate knowing they're going to jail in Switzerland?
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Who told him I my "green' widget factory in Bangalore, India?
Anyway does "O" know how much it snows in Buffalo, It doesn't snow in Bangalore.
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You also don't have the onerous reach of the state and local governments in Bangalore, or at least not the specific governments.
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Some businesses which currently outsource have already been saying they will close their facilities on U.S. soil if obama pushes this too far.
Hello higher unemployment.
obama is basing all of his tax revenue projects on WHAT HE THINKS WILL HAPPEN.
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Some businesses which currently outsource have already been saying they will close their facilities on U.S. soil if obama pushes this too far.
Hello higher unemployment.
obama is basing all of his tax revenue projects on WHAT HE THINKS WILL HAPPEN.
He's already made it abundantly clear that he and the guys pulling his strings have a very poor concept of the law of unintended consequences, this should be amusing in a painful sort of way.