It is currently Sat Nov 29, 2014 3:27 am

All times are UTC - 4 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: GOP DEFENDS TAX HAVENS DESPITE OBAMA CRACKDOWNS
PostPosted: Mon May 04, 2009 4:59 pm 
Offline
Site Admin
Site Admin
User avatar

Joined: Sat May 29, 2004 11:46 pm
Posts: 14444
Location: NC
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.


MORE AT THE LINK

_________________
Image

"Behind every great fortune lies a great crime."
Honore de Balzac

"Democrats work to help people who need help.
That other party, they work for people who don't need help.
That's all there is to it."

~Harry S. Truman


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 4 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
Blue Moon by Trent © 2007
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group