Posted on 05/04/2009 9:50:17 PM PDT by Nachum
Members of the business community today are starting to sound off in opposition to President Obama's new plan to crack down on offshore tax evasion, denouncing the initiative as a "foolish" program that would do more harm than good.
(Excerpt) Read more at abcnews.go.com ...
The List, ping
“”If financial institutions won’t cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly,” Obama said in announcing the plan today in Washington, adding that the government will also hire 800 new IRS agents to enforce it.”
I heard on local news max baucus was against this
Obama is treading on a lot of toes here. Wonder how far he’ll push things.
800 new agents, overseen by a Tax Cheat and Tax Criminal, are criminals themselves...
This won’t pass and if it does, you’re going to see major multi-national companies completely shut down operations in the U.S. I’m talking about icons like Procter and Gamble, Honeywell, Coca-Cola, etc.
Ahh this lefty talk! About to drive me bats!
“Costing” the taxpayer $X (doesn’t matter exact amount) per year.
No it doesn’t. “The taxpayer” never paid that. Congress to date said it wasn’t money the gummit had the rights to in the first place. Methinks the greedy, grabby ones are sitting in Washington.
And what happens if Congress gets cold feet about this new tax. Will you fire these guys, Obama? No? I thought not.
As far as he possibly can.
Related Info at site http://www.freedomandprosperity.org/
Oh, yes. Putting American companies out of business, will save lots of money.
"The way to make American businesses competitive is not to let some citizens and businesses dodge their responsibility, while ordinary Americans pick up the slack."
I consider this a chillingly idiotic statement. Make a business competitive by making it pay more taxes? Ø is not bright. But then, neither are the people who voted for him.
Major issues CF&P is tracking:
Tax Competition
Tax Havens
Anti-Tax Haven Legislation
World Bank Study on Tax Havens
OECD: Pro-Tax International Bureaucracy
Territorial Taxation
Internet Tax Moratorium
IRS’s Information Sharing Regulation
European Union’s Savings Tax Directive
United Nations Tax Grab
http://www.freedomandprosperity.org/issues/issues.shtml
But, oh my, "If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly." Yes indeed, the man gets tough when it comes to sniffing out possible tax dodgers. Of course, he is going to need every cent he can squeeze out of anyone in sight to help pay for the great leap forward.
The Moral Case for Tax Havens
http://www.youtube.com/watch?v=Xf14lkyH2dM Tax Havens: Myths vs. Facts
http://www.youtube.com/watch?v=aTfZADGK6TY&feature=channel_page
The business won’t tolerate this. It will simply sell the foreign arm to a foreign owner.
Why of course. How else can he buy those unicorns and that fairy dust?
“So, with complete predictability, the Gang of 20 promised to spend over a trillion dollars they don’t have to “stimulate” the world economy, to help struggling countries through the IMF (its record is so good at that), and other noble purposes. The G-20 also endorsed worldwide inflation by central banks and promised—I love this one—to “take action against” tax havens.
“The era of banking secrecy is over,” said the communiqué, as though that were a good thing. “We stand ready to deploy sanctions to protect our public finances and financial systems.”
The Obama administration led us to believe it was standing firm against a world regulatory authority, which was pushed by French President Sarkozy. But you be the judge. Here’s what the communiqué says:
“We each agree to ensure our domestic regulatory systems are strong. But we also agree to establish the much greater consistency and systematic cooperation between countries, and the framework of internationally agreed high standards, that a global financial system requires…. In particular we agree: … to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission…; to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds; to endorse and implement the FSF’s tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms….”
And more—as if the regulators could have the requisite knowledge to manage economic affairs. This is a regulatory cartel, and to the extent it squelches competition among jurisdictions, it will produce all the evils of a coercive monopoly. That of course is the point. There is to be no safe haven where people can protect their wealth from the grasping politicians.”
The G(rasping)-20
By Sheldon Richman http://fee.org/articles/in-brief/goal-freedom-grasping20/
In defence of tax havens
http://www.adamsmith.org/blog/tax-and-economy/in-defence-of-tax-havens-200903063055/
Instead of trying to prevent competition between jurisdictions, the government ought to be asking why people are so desperate to escape the clutches of Her Majesty’s Revenue & Customs. And instead of just trying to prevent wealth from leaving the UK, they ought to be thinking about how they can attract more of it. Dan Mitchell of the Cato Institute has made a series of excellent YouTube videos on tax havens and tax competition: Tax Competition: A Liberalizing Force in the World Economy - http://www.youtube.com/watch?v=nJWLemN29Wc
The Economic Case for Tax Havens
Statist politicians and international bureaucracies such as the OECD and UN routinely attack tax havens, claiming that they lead to “harmful tax competition.” Yet at no point do critics bother to provide any evidence for this claim. This mini-documentary from the Center for Freedom and Prosperity looks at the empirical data and scholarly research and reports that tax havens actually have a very positive impact on the global economy.
http://www.youtube.com/watch?v=yi0lkJBTi58
He is going to get them toes cut off, this is stabbing the big corporations that supported him in the back.
Good for them though, they are reeling and saying to themselves “what have we done, we created a monster”
This is the comic theater of life.
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