Posted on 03/03/2009 5:48:18 PM PST by Kaslin
President Obama has claimed that his budget goes after the rich who supposedly will pay the cost of his spending extravaganza. But it is already apparent that the rest of us will pay plenty.
Obama is continuing the crusade against offshore tax havens he began as an Illinois senator. He's targeting places like the Bahamas, Cayman Islands, Isle of Man, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands Antilles and Switzerland, which have low taxes. There are about 50 such tax havens globally.
It's wrong to think that a U.S. crackdown on offshore tax havens would primarily hit disgraced Wall Street high rollers who made fortunes peddling subprime securities. These tax havens are used by many of the biggest U.S.-based corporations to help minimize the massive tax liabilities imposed on multinational operations.
To the extent these corporations are able to minimize their tax liabilities — along with other costs of doing business — their profits and stock valuations are higher.
Shares of these corporations are in millions of individual retirement plans as well as the portfolios of colleges, universities, insurance companies, hospitals and charitable institutions.
Some of the corporations would be more adversely affected than others by Obama's effort to bar the use of offshore tax havens, thereby raising corporate taxes, undermining stock valuations — and making it harder to hire people.
Why would Obama choose to attack stock valuations now, after the stock market has already lost about half its value during the past year? Why, when the country is in a serious recession, investment portfolios have been hammered, the banking sector is in turmoil, and unemployment rates are rising, would Obama make it harder for U.S.-based corporations to do business?
(Excerpt) Read more at ibdeditorials.com ...
The 0 proves everyday that he is not qualified to run this country
Hurting = Destroying. His mission. Remember there is no middle class in communism.
Places are already cutting benefits to middle class workers to absorb the cost of doing business in the United States of France.
The middle class ALWAYS pays the cost of the government. And the definition of middle class is the battle field. All I know is that my taxes are going up one way or another.
Because Republicans are NOT organized like democrats and cannot run commercials saying “Obama doesnt care about your 401K retirement” as democrats would,
I need to remind some relatives of that statement again.
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This will also encourage more US companies to move out of the US. Any company that is doing 50% of there business out of US should relocate.
If you really want to kill US business..start double taxing them for their operations overseas.
It might work out better in the long run if Obama is successful in preventing U.S. companies from incorporating or locating in other countries.
Then U.S. companies would be forced to lobby hard for lower corporate tax rates that would help all corporations ... and even encourage non-U.S. firms to locate here.
In any case I think it is an impossible task to prevent multi-national countries from being kowtowed by the laws of any single nation. There will always be a workaround, or else there will be protectionist backlash.
That’s what they’re doing.
If that isn’t destroying America from within, I don’t know what is.
It’s going to take a lot to wake these idiots up. Some of them who longingly cling to his legs like Chrissy, and will never admit they were wrong.
There has been a lot of talk aboout a ‘’fair tax’’. This mite be a good time to do 3 things,start the fair tax, revalue the dollar 1 for 10, 1 buck would buy the same as 10 bucks did before, and set up new reciprical agreements with all nations willing to, much as diplomatic are now.
Support for what, Joe? Destroying the very fabric of Western society? Redefining the construct of modern human civilization? In your and your fellow conspirators' zeal to execute your global putsch, you're skipping over the 'high crimes and misdemeanors' part of the equation, and jumping face-first into the pit of 'crimes against humanity'. How much longer to you think the cauldron will simmer before the boiling tar of our oppression and damnation will explode upon you and sear you to the bone? 2012? 2010? Maybe this year? Do you even think about the consequences of your actions on the body American, or are you incapable because that part of your soul rotted away like a black, infected tooth cavity when you decided that Leftist politics was your true amoral calling?
We're waiting for an answer, Joe. And our impatience is becoming stuff of legend.
What would be the benefit of revaluing the dollar? Wouldn’t everything essentially still cost the same, but with a different price tag attached to it? Please excuse my ignorance if I’m missing something obvious.
Haven't studied Lenin, I see...
Silver, copper, nickel etc. would be one tenth as much as it is now, in ‘’new’’ montery terms. This would allow re-introduction of these metals in coinage, anong other uses.
Heighten the contradictions.
The worse, the better.
All power to the workers and people's soviets!
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