Yesterday the President spoke on the issue of international tax reform. The White House blog notes that questions about incentives for keeping jobs in the United States is one of the most commonly asked relating to jobs and employment. In his remarks the President proposed that we should "crack down on illegal overseas tax evasion, close loopholes, and make it more profitable for companies to create jobs here in the United States." Further the President's proposal has immediate and important implications for creating those new jobs in the United States;
For years, we've talked about ending tax breaks for companies that ship jobs overseas and giving tax breaks to companies that create jobs here in America. That's what our budget will finally do. We will stop letting American companies that create jobs overseas take deductions on their expenses when they do not pay any American taxes on their profits. And we will use the savings to give tax cuts to companies that are investing in research and development here at home so that we can jump start job creation, foster innovation, and enhance America's competitiveness.
The President closed with his commitment he made on the campaign trail and is now following through on;
IIn other words, we're beginning to restore fairness and balance to our tax code. That's what I promised I would do during the campaign, that's what I'm committed to doing as President, and that is what I will work with members of my administration and members of Congress to accomplish in the months and years to come.
You can read the President's full remarks here or watch the announcement;
The President was way too polite. He should have been calling it tax fraud. That's what Newt's Contract with America was all about....
Sending American assets overseas and concealing the resulting profits so the rich could break the law hording tax dollars that could benefit the rest of society....without any worry of any penalty.
Let's hear the Republicans complain loud and clear about Obama insisting that everyone pay their fair share. Have you see those TV commercials on CNBC where tax dodgers brag about paying only a fraction of the taxes they owe the IRS?
The audacity of those tax cheats. And the audacity of the GOP for encouraging such greed and selfishness...not to mention they are breaking the law the rest of us must obey. This is practicing family-values? Since when is cheating something to be proud of?
Just because you can afford a good lawyer shouldn't mean that you can get away with murder. It's time for the multinationals and those living off the sweat of others to act like law-abiding citizens or not be allowed to operate in this country at all.
Besides, it's the law. Not anyone's God-given privilege to abuse it. Pay up or get out. The Republicans can't run the country like a crime family anymore.
It's time we sent a horde of accountants and lawyers after these multinational corporations and find out just how much of these tax dodges are "legal" and how much has been the result of their cooking the books.
The tax laws need to me clear enough that fancy bookkeeping and shady lawyers can't find new loopholes.
When the hypocrites in his administration who dodged taxes pay theirs....AND the penalties that you and I would have to pay but they're able to somehow avoid, then I'll listen. Yes, keep jobs here. Yes, beat on those companies and individuals who cheat. But be prepared and willing to look in the mirror and accept that not all cheats are big bad businesses or republicans. Far from it.
Repube-icans always ramble on about cutting taxes. Well Hell we all know who they're talking about. Why the rich of course, then slam the middle class with higher taxes like Pappy Bushy did 19 yrs ago. If no one is paying any taxes at all. How will America even operate. Answer-- It won't. Has anyone besides me noticed that when any pol mentions a 10% or even a 15% straight tax, the GOP is super quick to say it won't work. Makes me wonder...mmmmmm... Their constituents may not pay even that much. Middle class will pay the freight for all these deadbeat rich bitch cry babies unless serious tax law changes are made and I ain't talkin ones like Reagan gave us.
True that Geitner should be investigated for tax issues. I'm not saying that he willfully evaded paying taxes, but let's not give the party of NO any amunition. Look. Obama really wants to trim Govt waste, eliminating the programs and entities that don't work, and the IRS is one of them. A 15% straight tax would return millions upon millions of dollars to Americans, freeing up funds for schools, hospitals, roads, bridges, not funding an easily manipulatable IRS.
I think that downsizing the revenue service and making a flat tax with no refunds would be the best solution and eliminate most of the cost surrounding filing and monitoring of returns . Just take what you need and keep it.
Bob
While taking about reforming the tax code, what about retired disabled veterans who pay the veterans disability tax. Democratic Representative Marshall has introduced HR 333 to correct the veterans disaiblity tax, but it remains stalled in committee. It is a poor choice for President Obama to talk of tax reform and fairness, when each month over 450,000 retired disabled veterans have their disability deducted from their retirement pay, just to fund their own disability payment by the Veterans Adminisgtration. These veterans can take no credit or deduction for this on their income tax when they file each year. Talk about fairness how about a deduction or a credit where these veterans can use this amount as "taxes paid". When I logged in to post this comment the web site directed me to a spot asking for a monthly donation to support the Democratic cause. I will consider a donation on a monthly basis when this administration starts to consider concurrent receipt approval for all 10-40% disabled veterans, all 450,000 of them, currently paying the veterans disability tax. President Obama promised to end this tax, but the Democratic controlled congress has ignored the issue in favor of allowing people to by new cars while turning in their old junk cars. So much for trust in the new administration.
While taking about reforming the tax code, what about retired disabled veterans who pay the veterans disability tax. Democratic Representative Marshall has introduced HR 333 to correct the veterans disaiblity tax, but it remains stalled in committee. It is a poor choice for President Obama to talk of tax reform and fairness, when each month over 450,000 retired disabled veterans have their disability deducted from their retirement pay, just to fund their own disability payment by the Veterans Adminisgtration. These veterans can take no credit or deduction for this on their income tax when they file each year. Talk about fairness how about a deduction or a credit where these veterans can use this amount as "taxes paid". When I logged in to post this comment the web site directed me to a spot asking for a monthly donation to support the Democratic cause. I will consider a donation on a monthly basis when this administration starts to consider concurrent receipt approval for all 10-40% disabled veterans, all 450,000 of them, currently paying the veterans disability tax. President Obama promised to end this tax, but the Democratic controlled congress has ignored the issue in favor of allowing people to by new cars while turning in their old junk cars. So much for trust in the new administration.
