According to the AP, Obama “vowed to “detect and pursue” American tax evaders Monday as he announced a plan to close tax loopholes and clamp down on overseas shelters.”
This vow comes despite the fact that such “loopholes” are not only lawful, but deliberately written into law by Congress. As for his use of the word “Shelters”, the bringer of transparency and light currenly fistbumping Little Timmy Geitner in the Oval Office seeks to cast a negative connotation on a term that carries none. So much for the politics of CHANGE!.
“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. He also called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands.”
Why wouldn’t any business keep profits in foreign countries. None of them charge a percentage as high as we do. This really isn’t rocket science. If given the option to retain profits and spend them as they chose, or pour them down the black hole that is the US Govenment, I know which one I’d pick.
“If financial institutions won’t cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly,” Obama said.
Once again, the Audacity of Arrogance that this pretender possesses is breathtaking. How dare American Corporations assume that their financial transactions are their own business!!! And if they will not void the privacy that they contactually obtained from their foreign bankers, then Uncle O will simply avoid that whole pesky “guilty until proven innocent” thing, and declare them guilty by Teleprompter Fiat. This completely disrespects the rule of law and the notion of due process.
“He said the government also is hiring nearly 800 new IRS agents to enforce the U.S. tax code.”
Wow. Sounds like his own private army to enforce his judgment. I would suggest that perhaps these 800 agents start by scrutinizing Teh One’s own appointments. Surely large sums of money can be gained from their, and we will lose the right to question their patriotism, since Slow Joe keeps telling us that it is patriotic to pay our taxes.
I’m not sure what’s larger at this point. Lord Zero’s ignorance, or his ego.