The President Moves to Weaken U.S. Business Competitiveness Internationally
In the Wall Street Journal this morning I read the following:
The administration will strive to tighten rules that have encouraged thousands of Americans to open offshore bank accounts in an effort to duck U.S. taxes. The plan would increase information reporting and tax withholding as well as penalties, and make it harder for foreign account-holders to win cases in court. The administration promised new enforcement tools to crack down on tax-haven abuse.
“What we really have is a system that is in many ways broken,” a senior administration official said Sunday, one that “allows people to play games…to almost completely avoid paying taxes on active foreign earnings.”
What does this mean? Well, basically Companies that operate in the U.S. and abroad will begin to be double taxed. They will start to pay taxes in the country they opperate in plus U.S. taxes. This will further destroy our competitiveness overseas as Companies and Individuals will pay taxes on their earnings overseas even if they choose not to repatriate the money. As those at CATO so perfectly point out.
Furthermore, the Huffington Post points out, “Obama said that his plan would generate $210 billion in new taxes over 10 years.” So much for tax cuts huh… He’s really doing some serious tax increases. The President will be working with the tax cheat Geithner, of course, to see this get’s done according to Henry Blodget. Of course as those at Daily Finance point out as follows:
By adding the tax incentives to the program, the administration may find it easier to get this legislation through the Congress. But do expect major business opposition to water down the bill.
In other words the administration can raises taxes while some of the large companies buy off politicians and can rightfully continue to legally avoid oppressive taxes which therefore will further consolidate the current governments power grab from the American individual.
hear, hear! Fantastic post. Been meaning to post about this myself. You’ve said it all. This is foolishness.
The web of regulation grows tighter- and with it the prospect of future economic expansion in this country grows dimmer and dimmer.
Liberals are running around looking for “revenue streams” without regard to the consequences all these increased TAXES will have on the broader economy. It’s reckless. It is all to finance their reckless and godless agenda.
Yep, and some how Obama is a “tax cutter”. It’s like calling slavery “free enterprise”. Let’s tax the daylights out of everybody while saying we’re cutting taxes and yet nobody picks up on it?!?! Guess that’s a government educated schools system for you.
The post I’m wanting to right and am working on is how Obama is actually NOT a tax cutter but a tax raiser when one looks at the net taxes he has cut and the net taxes he is raising I know he’s actually raising taxes.
Look for my post coming out tomorrow morning in the AM it’s on “Oppression”. The liberal justifies tax increases based on ability to suffer the oppression. i.e. The rich can carry the load therefore let them carry the load. I’ve read similar things about slavery. The black man was thought to be more capable to work in the fields more “subservient” therefore he was more “able” to be a slave. The successful man is more capable to pay more taxes. This is Marxism of course and a gross misinterpretation of Adam Smith as you can read tomorrow.
But also the liberals justify taxes on the rich based on the majority. If the majority says it is ok then it is ok. I was of course raised different then that but it seems I’m in the minority here. Somehow we’ve gotten to a society where taxes are based on ability, programs are based on need, and the majority makes a thing “right”. Sounds like a bunch of lemmings to me.
Of course their is a novel solution to all of this and one that I argue even Adam Smith would support based on my understanding of Wealth of Nations, but you’ll have to read my post tomorrow to find out what.
Again thanks for stopping by, it means alot that you all at AmericanMissive.com read my posts. I value you and TP’s opinions, always have!