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PostPosted: Mon May 04, 2009 4:59 pm 
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Republicans Defend Tax Havens Against Obama Crackdown

President Obama and Treasury Secretary Tim Geithner announced on Monday a crackdown on offshore tax havens that could produce $210 billion in new tax revenue over the next decade.

The White House will face opposition to the proposal from the business community and Congress. Before the announcement, a Republican leadership staffer circulated an email citing a Bloomberg report saying the proposal "would be the biggest tax increase on U.S. corporations since 1986." And Senate GOP leader Mitch McConnell (Ken.) said later on Monday that he could not endorse Obama's plan since it "gives preferential treatment to foreign companies at the expense of U.S.-based companies."

But the amount Obama's plan would reportedly save is a far cry from the estimated $1 trillion the United States loses to offshore tax havens over a ten-year period. A 2008 Senate report (PDF) estimated that "the United States loses an estimated $100 billion in tax revenues due to offshore tax abuses" every year.



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