Obama to Destroy More Jobs
WASHINGTON (AP) — President Barack Obama plans to propose changes to tax policy certain to be unpopular with corporations with international divisions and individuals who use tax havens. Obama also plans to ask Congress for 800 new federal tax agents to enforce his broad requests. Obama’s two-piece plan, to be announced at the White House on Monday, would eliminate some tax deductions for companies that earn profits in countries with low tax rates, as well as consider U.S. citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating U.S. tax laws. If Obama wins congressional approval for the changes — and he faces a challenge on Capitol Hill — it could deliver $210 billion in tax revenue over the next decade.
A couple of things about this. I’m sure some companies go offshore out of pure greed, but I’d be willing to bet that the majority have done it so that they could simply stay in business. Staying in business means remaining competitive while making a profit, something that has become harder to do under the Obama Administration.
Instead of easing the burden on corporations, which would go far to entice them back to the U.S. (and fill the Federal coffers), Obama is going to spend more money to treat Americans as guilty parties prior to a hearing. You get that? Guilty before proven innocent. Nothing new to anyone who has ever had to deal with the IRS, I’m sure.
I hope every business and individual targeted by this moves out of the country completely, depriving the gaping maw of federal blood suckers ANY futher income. I know I would.
More on this over at Michelle Malkin’s.
Sphere: Related Content