5/5/09: PRESIDENT OBAMA STARTS CLOSING INTERNATIONAL TAX LOOPHOLES
Posted by the912project on May 4, 2009 · 117 Comments
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117 Responses to “5/5/09: PRESIDENT OBAMA STARTS CLOSING INTERNATIONAL TAX LOOPHOLES”Free Tickets to Glenn’s Show!
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How about eliminating Presidential Campaign Contributions as a Tax Deduction / Loophole?
This only makes sense. It's just another front on the attack on business.
Please, if you do one thing this next week……get a copy of "Liberty and Tyranny" and read it. Twice.
The Statists are on the march, and the future of Liberty depends on YOU.
)
(and me.
So…let me get this right….it's ok for Democrat lawmakers (who know the law inside and out…because they help write it) to evade paying taxes, and when they get caught, they get the chance to pay back taxes without penalties….but it's not ok for businesses to get out of paying american income taxes on foreign profits????
http://www.punditreview.com/2009/02/democrat-tax-...
You might find this interesting…
What is really funny is they dont know it either. No one does and noone can. It is thousands of pages long. Parts of it contradict one another. The truth is that today right here and right now it is almost impossible to be 100 percent compliant with the tax code.
If Obama really cared about American businesses, he would make the US a tax haven, rather than closing "loopholes!" Fair Tax…end the income tax bs
The loophole they are talking about is the one that allows a corporation to keep profits of its overseas subsidiaries untaxed overseas. They only pay taxes when they repatriate the profits. When they repatriate the funds they pay taxes on them and then distribute them to shareholders where they are taxed again. Thats why a lot of large corporations are moving their headquarters overseas and incorporating in Switzerland and Dubai. The taxes are much lower. If the government would just lower the tax rate on businesses we might see the manufacturing jobs and the headquarters return.
And the fact that so many people dont understand this shows just how bad off we are right now. The "Press" who are supposed to have absolute freedom as a check against this very kind of deception are in on the deal and more than ready to gloss over those pesky little facts.
Did I miss something or did he close down the tax loophole for Cabinet members yet?
The more we tax companies the more time and capital they must use to find ways to make all plans viable given the way we tax.
If we just used a consumption tax, we could solve all the problems mentioned. Offshore accounts would be meaningless, corporations would move to the US, and labor would increase.
Therefore, any politician that talks about fixing the tax problem, while keeping our current system, is just putting out more of the same garbage we've hear for the last few decades.
Rush Limbaugh says we handicap our companies when we tax them twice. others note this also.
A treasonous fellow named Obama
T'was born in Kenya by an American mamma
Now while the economy tanks
He's taking over the banks
Causing us taxpayers nothing but trauma
nice prose
Two crooks named Obama and Biden
Went looking for the money we 're hide'n
They said "if you put it off shore",
"we'll just to tax you some more"
and soon you'll be walking, not ride'n.
BO is sending a very CLEAR MESSAGE, NO ONE IS ABOVE THE LAW! Unless of course you are a personal friend of his or are a part of his cabinet, then the rules don't apply and anything goes.
It sure would be nice if these quacks could lead by example & then we could do as they do. The way I see it now we should be able to pass on any law we don't feel like abiding by then maybe we would receive preferential treatment, since the only people they see as fair game are law abiders.
http://www.punditreview.com/2009/02/democrat-tax-...
just look at this homo!!!!!
I like your name. We are being thrown into the fiery furnace, but we wont burn!
We will not burn JDAngel. I'm glad you noticed the significance of the name :~)
From: notifications@intensedebatemail.com
To: rstanford_rosewood@hotmail.com
Subject: JDAngel replied to your comment on 5/5/09: PRESIDENT OBAMA STARTS CLOSING INTERNATIONAL TAX LOOPHOLES
How long before T.H.O.T.U.S. closes international convenience stores?
When T.O.T.U.S. tells him to.
the more BHO messes with our taxes the more tax loopholes there will be to exploit….. stop raising taxes and close the loopholes all in one EASY TO READ BILL!
For the admirers of Emperor Obalamus Americus I suggest they read up on the fall of the Roman Empire. Particularly Political Bribes and Corruption, and working against what made the empire work.
Lest we forget what this is really about: power and control. WSJ succinctly states that BO wants to ensure that the "other" countries get their fare share of the pilfered proceeds from these criminal capitalist.
This is a person who never had a paper route, sold lemonade, or spent as much as five minutes self-employed, and he NEVER paid a cent for his graduate studies or law degree.
Some rich Arab Prince probably paid his way for him ;~)
It is very plain that BH0 is after businesses. So much for his 'positive message.' The three things he says his plan would do are 'Prohibit…., Prevent……, and End a provision.' I guess it is like his view of our Constitution and Bill of Rights, which he sees as a set of 'negative' rights that don't address social economic justice.
I suppose he really needs the businesses into paying additional taxes to make up for those in his cabinet who don't pay them.
Hypocracy! What else can be said.
How about starting at the White House – Arrest and impeach all of the Tax frauds and evaders that work there.
Then lets close all of the other Tax Loopholes that cost the citizens millions in taxes each year.
Like…………..Presidential Campaign Donations. Charity donation deductions like Oprah uses for her Angel Food Network. How about Celebrities being able to deduct Botox and plastic surgery as a cost of doing business. There are plenty of tax loophole deductions right here at home that they can go after
Class warfare at its finest. Yea, Obama is gonna finally stick it to all those rich bastards. How retarded.
While I am concerned that there may be the possibility of price increases due to the shutting down of loopholes, it also seems like there would be a shift in the balance of the tax burden on individual taxpayers. In other words, because corporate taxes are now being paid, the GDP can be supported by individual wealth rather than corporate wealth and holdings.
I'm pretty sure this is a Keynesian principle, and I know that there are a lot that disagree with the aggregate theories, but in this case it certainly seems that it would work. My understanding is that this is most effective if there are enough taxpayers who make a taxable, not gross, income below the "high income" threshold so that they benefit from tax breaks as well as make a contribution to the aggregate change in GDP.
Additionally, the research and development breaks for companies under the loophole would be a significant offset. Thus, it *seems* that a combination of the aggregates plus offsets would have a positive net effect on GDP.
I'd love to hear the comments of an actual economist, rather than my armchair wranglings.
All Keynesian priciples have proven repeatedly over time to be nothing more than theories that work on paper but fall flat on their collective face in reality. The government is not the economy and it cannot be managed successfully. By taking money out of the economy through taxes you reduce the available financial base and reduce the flow of capital. Exchange creates wealth. Whenever exchanges occur is when wealth is generated. Taxes take not exchange. The "loopholes" are tax laws that sit on the books for a reason. If a company makes money overseas that is where they pay the taxes not here where they did not make it. To tax them is to double tax them and that is immoral and unethical. It would also increase prices as they pass on the burden to remain profitable, reduce jobs, and even cause some businesses to leave our shores for greener pastures.
Exactly. When US companies are no longer able to compete with foreign competitors overseas due to double taxation, jobs at home will be lost, companies will move, the economy will slide downhill even faster. That's why so many other countries are currently lowering taxes. They promote the growth of their own companies and attract foreign businesses as well. I fail to understand the reasoning behind some of these plans. Not only do they fall FAR short of generating any significant revenue, $210 billion in 10 years – what a joke, but they negatively impact our own economy.
You know, I really would like to believe that Obama is not trying to actively destroy this country and our economy through his policies but whether it's intentional or incompetence…the results will be the same.
And…the people at the bottom will eventually shoulder the load. Well said. I appreciate the clarity. When I look at friends losing their jobs, I don't understand why our Government doesn't understand this basic "cause and effect" principle. When you shift something, it effects others. So it is with more taxes on corporations and nature itself. You have to care for an apple tree if you want good fruit. You have to feed it, prune it when it's needed and care for it, not starve it. Pardon my simplistic reasoning. I am a homemaker, who has raised three wonderful children who are responsible and hard working. I have no college degree. But, it seems to me that common sense and logic are needed. Thank you for your common sense. I just hope we can change things before it's too late. Too many weeds in our garden.
It does seem wrong that any taxable entity should not have a taxable event enter the system. If the transaction occurs overseas, then the event didn't occur here and shouldn't be a concern for US tax policy. If a taxable event never occurs due to IRC allowances, then that is money that is kept form the US market. If a company accounts for a taxable event which occurs in the US, then that money reenters the market and is available for exchange, whether through reinvesting or through a reduction in the tax burden on non-corporate entities.
I know this is an attempt to bolster the Keynesian argument, but I just don't see how this specific example of aggregation and market exchange is bad for either the individual or corporate taxpayer.
Imagine……… going after tax cheats…………. HE SHOULD LOOK WITHIN WASHINGTON FIRST…….
I AGREEE CHARLIE RANDALL HAS NOT PAID TAXES IN DECADES AND HE IS THE ONE THAT WROTE THE TAX PROGRAM. THERE ARE MANY MANY MORE THAT ALSO DO NOT PAY. WHAT A BLOODY NERVE. AND WHAT THEY DO IS TAKE OUR HARD EARNED MONIES AND ARE LIVING THE HIGH LIFE WHILE WE THE TRUE AMERICANS ARE SUFFERING TO SURVIVE…..
LETS STOP PAYING OURS AND SEE WHAT HAPPENS. WASHINGTON WILL NOT HAVE A LEG TO STAND ON AND THEY SUPPOSED TO BE AN EXAMPLE FOR US BUT IF THEY ARE BREAKING THE LAWS THEN WHY SHOULD WE KEEP THE LAWS THAT THEY WROTE.
here is one of them…
http://www.punditreview.com/2009/02/democrat-tax-...
What a CHEEK!!!!!!!!!!!!
Okay, everyone LISTEN UP. This is just a farce. When Obama spoke about this he said that he would find and tax all of the loopholes for the BUSINESSES of those who hide their money over seas. Did you get that the BUSINESSES. Not the Actors, Athletes, Musicians, and Characters such as Oprah. He is going after the capitalists and not all those that benefit from these loopholes. Reread Obama's response on http://www.americanparchment.com or if you can find it on this site that works to, but as I explained before there are no links to the articles on this site? I think? This is just another way Obama is going after the wealth builders and employers of this great country. Oh and as an extra note, India and China are getting more angry about Obama pointed out their taking of US jobs.
Good take on reading what is not there. We must watch for what he is NOT saying, along with what the other hand is doing. India and China will likely only be the beginning of countries being targeted in some way by Obama. So, looking for what is not there, how strong are the economies of China and India? Are they both in better shape than we are? If so, then his targeting of wealth has gone global!
I was driving home from work last night listening to Neil Bortz . I forget the topic but he said in exasperation "BOHICA". I wondered if I heard wrong as I had not heard that word before. He then said "Bend Over Here It Comes Again". How funny and how true and how sad.
He's going to have to find a way to pay for all the crap that he wants. First he's going to go after those evil corporations, then the evil rich people, and then he'll get around to those evil middle class people who are under the mistaken idea that the money they work for is theirs!
Maybe his logic is, you need thieves to catch thieves?? He sure has a cabinet full of them!!
higher taxes comming soon see the writing on the wall he is looking for money you and I will be next
I get this message when I try to post: "Your comment must be approved by the site admins before it will appear publicly." Why is that?
Will try again…OFP: I love the "BO's LAST term in office" remark if only the United States can survive that long. Socialist Fed Chairman Bernanke testified today in front of the DEM congress that the recession would end this year. Ha!
As the nation’s jobless rate jumps to a new high, want to bet a couple more $Trillion on it BO?
I received this one and I thought it was a bit phony…
We are asking you to stop spamming the site.
If you do not, we will be forced to block you.
The 912 Editor
I get that a lot. I think it has to do with wording, certain words they frown upon. Or maybe they pick them at random, who knows. It's not everyone though, just occasionally.
Declaring War on American Business
http://www.thedailychange.com/declaring-war-on-am...
Once again time to punish people following the rules. when will government realize that people pay taxes not Business. All we do by taxing businesses is make business move overseas. I'm sorry what a bunch of Dumb@#@'s. To all lawyers looking to run for office in the future, PLEASE TAKE TWO BASIC COLLEGE ECONOMICS CLASSES(MACRO and MICRO) AND UNDERSTAND THEM! This country wouldn't be headed for ruin if they did!
Obma is more radical than I even imagined. Wake up America !!! Here is a great analysis that gave him an F on this issue:
http://www.thebarackobamawatch.com/ECONOMY___TAXE...
BHO & Co. need to keep their hands off the economy… There is a reason WHY some companies have moved overseas, perhaps they should look at WHY they moved overseas and start there? Look at the cause of why they left the mainland and try to rectify the problem, in doing so they would make it more appealing for corporations to return to the U.S.
What's to blame, perhaps environmental laws? Restrictions?
Of course, "Global Warming" and all it's hype/ideology with the falsehood that Humans are to blame, plays a big part of all this. I'm not saying that it's true, but has anyone asked what difference does it make if they're releasing gases in America or China? It still goes into the atmosphere regardless. Natural release of gases from Volcanoes, Animals and Wildfires cause more damage to the atmosphere than Humans. This so called "Global Warming" is a natural process which is recorded in the history of the earth's rocks/glaciers stratigraphic layers, it's a cycle.
If I were a bleeding heart liberal, I would feel much safer with the industry here… We have O.S.H.A., The E.P.A., State Environmental Agencies, The Department of Labour and other regulatory agencies which make the work place A LOT safer than some sweat shop in India or China… It is more expensive to operate here, then eliminate some of the regulations that do not have a direct purpose of safeguarding and maintaining the safety and health of employees and the public.OR (yeah, I'm gonna say it, because I'm evil) provide TAX BREAKS and INCENTIVES for companies which operate in the U.S. and conduct business with other American based companies. Oh my, I just advocated Tax breaks and "protectionism" in the same sentence, perish the thought!
To sum it all up, the market operates in strange ways but there are reasons as to why they went overseas in the first place, find out why! Try to negotiate with them. An assault on companies is an assault on Capitalism. Underlying reason, they moved because it was more profitable to operate away from the Government that penalizes them. Don't penalize them, entice them back over here and make it more hospitable and profitable for them to engage in business over here!
I don't believe in global warming. The country is like the economy, cyclical! You do what you can to recycle while not going green crazy and penalizing the country.
I think it was funny that when he read this speech from his teleprompter Tim the tax cheat was standing right next to him. You could almost see him hide himself like a kid caught steeling.
First of all, we know what "American Corporations" he's referring to Exon-Mobil, CocaCola etc…The flaw in his argument is that these corporations are actually multi-nationals..They do the bulk of their business abroad through foreign subsidiaries. They also hire the very best tax attorneys to find every advantage under the law.If Obama tries to push too hard they would have no qualms about relocating ALL their business activities abroad, exporting to the US and leaving thousands of americans unemployed.
Again the politicians are trying to shift the focus away from the real problem. Government policies that encourage manufacturing to be shifted overseas. We need to manufacture things in the US, not everyone can be in service industries. Manufacturing creates new value. If the politicians really wanted to increase revenue they would provide incentives(lower tax rate, faster equipment deductions) to/for companies that manufacture here.
Perhaps he should close loopholes that allow taxpayer money to pay for health care , education , and everything involved with illegal aliens invading this Nation . Washington has aided and abetted illegal aliens , refused to enforce laws (obstruction of Justice) , and blocked enforcement . The greed of power by the Anti-President Obama , Pelosi , Reid and that blemish on the Kennedy families ass Ted , know no bounds , Going after millions when illegals cost billions . Just more smoke screens .
The simple solution for the international companies is to spin off the businesses outside the USA and incorporate them in a lower tax country. Not a big deal.
I know One tax Loophole they should Close… That would be obama's mouth,
Good one…
That is one big loophole!!
That may be more of a loopyhole than a loophole.
Oh, Happy Cinco de Quatro everyone!!!!!
That's a pie hole not a loop hole.
 IntenseDebate Notification <DIV>I Stand corrected</DIV> <DIV style=\”FONT: 10pt arial\”>
Obama can't even get his own party to pay their taxes, so how can he with a stright face be looking at regular Americans? And Turbo Tax Cheat Tim leading the charge and so called inforcement really takes the cake. It's like hiring a career bank robber to keep an eye on the bank safe while everyone else is out to lunch.
That is just it. They have no credibility. No need to raise taxes if he would just collect from his own limousine liberals. The last thing we need is to lose even more business.
Obama does not care about losing businesses as he will just make them gov't employees. His only hope is that by making them beholding to the gov't(or to him) they will have to vote for him.
The reason why lots of the Dems arn't for this is because they are frauds when it comes to their own taxes. Charlie Rangel and Hillary probably have all their money overseas. He should start with his own administration as a practice run half of them would be in jail!!!!!!!!
That is why Obama has to after the honest people who pay their taxes and raise them. Since so many of his own people do not pay to begin with, he has to make up the difference some where. Soon he will have to go after those members of his own party. His is very quick to throw his own under the bus. In the end, it is all about Obama. As he said to Harry Reid, "I have a gift."
All Americans should cut off the hand that feeds government. STOP PAYING TAXES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WHAT'S GOOD FOR THE GOOSE IS GOOD FOR THE GANDER…..
That is a great idea. It might even help Obama because he could build more jails to house all of the nontaxpayers, creating a ton of more jobs. And he would have most of the people who would vote against him locked up so they could get out to vote. Rest assured, he would not give these people the right to vote like he wants to give other criminals. He then could become, like Hugo Chavez just did, president for life.
Democrat Tax Cheat Champion; Charlie Rangel Tops Tom Daschle and Timothy Geithner 28-2
http://www.punditreview.com/2009/02/democrat-tax-...
these men are going to ROT in HELL!!!!!!!!!!!!!!!!!!!!!!!!
I am sure there are a lot more and a lot worse. Don"t forget about Ted Kennedy, John Kerry, John Murtha, Nancy Pelosi, and many others. This is only the very tip of the iceberg. And if the drive-by media had a sliver of honesty in them, It would be all over by now. The people would see the truth and they would be outraged.
Obama Failed Tax Policy: As deficit spending increases (est. $1 Trillion in the first 6 months of BO’s LAST term in office), the debt must be financed by either going to the credit markets to borrow money, which will ultimately cause interest rates to shoot up, or raise taxes on business and/or individuals.
Closing tax loopholes for corporations is another example of BO’s overall plan to kill capitalism as we know it. Corporate tax “loopholes”, as with home mortgage interest deduction “loopholes”, were put there for a reason. The elimination of loopholes simply means that BO knows better how to spend money than the private sector or individuals do.
The result: major corporations and small business will be purchased by foreign entities or relocate offshore to the U.S. If BO had any clue about how capitalism works, he would understand that corporations do not pay taxes, they simply raise their prices to offset tax liabilities.
I love the "BO's LAST term in office" remark if only the United States can survive that long. Socialist Fed Chairman Bernanke testified today in front of the DEM congress that the recession would end this year. As the nation’s jobless rate jumps to a new high, want to bet a couple more $Trillion on it?
Was it just me or did anyone else get a good laugh yesterday watch Obama and Geitner talking about going after tax cheats? It is almost like a 30 minute sitcom.
If Obama wants to look at the Cayman Islands he should be looking why businesses want to do business there so that he can copy it and bring the businesses back to america and put americans back to work. There tax system there is also a simple 10% sales tax. Here is a little website to give you some information on the cayman's.
http://www.gocayman.ky/important-facts.html
So Obama's solution is to soak the wealthy to pay for the spending spree he's been on? It's not gonna be enough to pay America's bills. Robin Hood is a fairy tale, not reality. Check out my post on this very topic.
http://www.big-government-in-your-wallet.com
Thank God for the teleprompter helping him focus because if he spoke from the heart he would have broke into laughter from the podium. How can Obama have so many tax cheats in his cabinet, then have the nerve to go after businesses for more taxes? This is like having Larry Flynt as CEO of Focus On The Family.
This is very much like Rand's "Atlas Shrugged"- Companies and workers flee growing government oppression and laws are passed to punish individuals for going "on strike".
Is the government now going to force corporations to decide to leave the US entirely? That's alright, there are dozens of countries that give tax breaks to companies willing to relocate.
It looks like government has forgotten on whose shoulders our economy rests.
How did Giethner manage to keep a straight face with that announcement? Talk about hypocrisy. This just about tops the list.
Although I agree that American Corps. should stop sending jobs overseas, I think that BO is going about stopping this in the wrong way. If all he does is close all the tax loopholes, then we will ultimately pay for it with higher costs and prices for everything. If BO really wants to solve the problem of American jobs being sent overseas then he should incentivise companies for keeping manufacturing in the US by giving them tax breaks…and at the same time (yes) close the overseas loopholes. Want to see how fast they (US Corps.) say bye bye to Bangalore.
Although I agree that American Corps. should stop sending jobs overseas, I think that BO is going about stopping this in the wrong way. If all he does is close all the tax loopholes, then we will ultimately pay for it with higher costs and prices for everything. If BO really wants to solve the problem of American jobs being sent overseas then he should incentivise companies for keeping manufacturing in the US by giving them tax breaks…and at the same time (yes) close the loopholes. Want to see how fast they (US Corps.) say bye bye to Bangalore.
I wonder if these "American" business will now just abdicate and not be "American" companies anymore. If so, then we can just pay more to have the products we use imported! I never liked the NAFTA ideal that Bush seemed to push (all the time) but now instead of trying to bring the companies back, Obama is making it worse (in my opinion).
Obama is like a kid run amok in a candy store. Hands in EVERYTHING with no rhyme or reason.
I live in Dayton, Ohio. Dayton, Ohio, home of 32 consecutive quarters of employment decreases. Finally, in the second quarter of 2009 a few businesses have come to Dayton taking advantage of minor tax breaks for 2 years. What is this government's problem! Lower taxes are an incentive to build, hire, and grow! It's not hard to see. Dayton offered a tax break and a few jobs have been created. If Dayton can figure it out, sweet goodness, anyone can figure it out. We need to stop taxing businesses for 40 to 60 cents of every dollar unless the rest of the country would like to wait 32 quarters before we see growth again.
Another way for the Dem's to control capital and enslave you!!!
Obama just took over Donald Trump's theme song, "money, money, money, money". I bet he sings it on a daily basis, and at night he probably sings, "power, power, power, power".
I have got to wonder if Obama thinks that taxing/closing international loopholes are going to bring some of those jobs back to the states. Because that tells me that his "green jobs" aren't all they are cracked up to be, or since the Gov will covet most of the "green jobs", does he plan on abscounding some of these companies too, so most of America will be employed by the Government?
Obama has widespread support in Congress to crack down on tax evaders who illegally hide assets in tax havens. But he faces stiff opposition — even within his own party — to increasing taxes on the legal transactions of U.S. multinational companies.
THIS MAY CAUSE CONCERN FOR HALF OF THE POLITICIANS.
I THOUGHT SHARING THE WEALTH IS WHAT IT IS ALL ABOUT?
We're going to start driving American companies out of America. The company I work for has already started this movement toward headquartering divisions of the company in different countries, even though the primary headquarters resides in the US. I wouldn't be at all surprised if they decided to move the primary headquarters to London or someplace of that nature. When that happens, what will occur with these "tax loopholes" that Obama wants to start going after? He's going to be loosing a whole lot more money than he is hoping to gain over this stupid action.
Always remember; dictators of the past have started bearing down on the groups that everybody would "love to hate" because they were easy prey. By the time it comes to you, there will be nobody left to stand with. We must all stand together, or we will fall apart!
Yet another nail in the coffin for our American economy. And the sad thing is that his voters are cheering about this. What incentive will these companys have to stick around? At this point I'm starting to think that he actually does want us to live like a 3rd world country.
It is easy for Liberals to leave the USA and relocate to countries that already have the same values they do, However there are no other countries that Conservatives can go to for their values. We are being backed against a wall
Good point, and I agree. America is unique, and it is with our unique way of doing things that we have become to strong. I can't help but believe that even some who consider themselves left wing are secretly starting to get worried about the path we are taking.
A lot of people are ridculously stupid. They think this will affect the wealthy and oh boy let's get them. The wealthy are what 10 % of us. They consider high middle those making above $100,000 then they get them. Who is next? Oh yea we are. Class warfare will killl us before we know what hit us. All wealthy business owners are not crooks who should be attacked by acorn employees. Sounds a lot like Chicago politics gone wild.. I am sick of rants against capitalism. If not for these companies and CEO's we would be nowhere. Wake up America , how about hating the rich who make millions on leftist movies or actors who build up dictators and knock America , who do nothing to advance the American economy. Wake up American!
Ever since the continuing influx of reality t.v. shows you knew that this nation had a lot of incredibly stupid people.
And the producers of these shows are getting incredibly rich too. Think they would revolt if they realized that? Na they love their fantasy land heroes.
Obama, the "great campaigner" still can't make the distinction between "Form" and "Substance". He is a pro at making passionate "speeches", but his spoken words aren't backed by sound logic. Of course for most of the left-wing electorate, this distinction is irrelevant anyway – because as long as the words "sound good", they're all for it. So when you put the words "big corporations", "tax loopholes", and "make them pay their fair share" into the same speech, the liberals go gaga! Never mind that the "big corporations" are the ones providing jobs; the "tax loopholes" are part of the legally created tax code, and that 40% of liberal America doesn't pay ANY taxes!
Obama, the "great campaigner" still can't make the distinction between "Form" and "Substance". He is a pro at making passionate "speeches", but his spoken words aren't backed by sound logic. Of course for most of the left-wing electorate, this distinction is irrelevant anyway – because as long as the words "sound good", they're all for it. So when you put the words "big corporations", "tax loopholes", and "make them pay their fair share" into the same speech, the liberals go gaga! Never mind that the "big corporations" are the ones providing jobs; the "tax loopholes" are part of the legally created tax code", and that 40% of liberal America doesn't pay ANY taxes!
http://logisticsmonster.com/2009/05/04/rumor-smit...
OT Gov't attempting to seize Smith&Wesson?
If this is true and happens, what betterr way to control guns. BHO and his government will tell Smith & Wesson what kind of guns and how many to manufacture (if any at all). Why stop at Smith & Wesson. Are not all gun manufacturers "to big to fail" and need to be "helped? This is insanity and the majority of the American people are being led to the slaughter like a herd of sheep!
It's his whole freakin cabinet. Not to mention those in his party that are also getting away with everything. Instead of investigating criminal acts, we are instead investigating a prior administration. It all stinks.
Tiny Tim must have been a shade of red from embarassment on that stage…
Not as red as my boiling blood though…
I keep hearing BHO referring to responsibility, and fairness anytime he is referring to american wealth. Whats fair about a man who has never had dirt underneath his fingernails, taking money away from wealth creating companies in the interest of whats fair? Where in the Constitution is the President granted power to determine where private companies can do buisiness? Furthermore, since when is it the Presidents' responsibility to determine economic "fairness"? BHO is very crafty at framing arguments, and he is not a stupid man; but he certainly preys on those that are. So many of his followers are content to blindly sell their freedom for the promise of a "new pony" or some other shiny object. These are probably the 40% of the citenzenry that doesn't pay any taxes anyways. What a bunch of fools.
What gave it that extra measure of credibility was having Tim Geithner announce it.
As Rush said so brillantly earlier today, the word "tax loophole" connotates something illegal…and you can bet that this is done on purpose to gin up resentment amongst the uninformed. The so called "tax loopholes" Obama wants to close are perfectly LEGAL. Your mortage deduction is a "tax loophole". If Obama REALLY wants to go after those who are evading taxes ILLEGALLY he should start with the legion of tax-cheaters in his adminstration, including Mr. Treasury himself, Timmy "Turbo" Geitner. To paraphrase the Bible: before you pull the speck out of someone's eye, pull the beam out of yours! Its just more of "Do what we say not what we do " from this monstrosity of an Adminstration
Tax, Tax and more Tax, Now large companies who already pay close to the highest taxes in the world are subject to further taxes to the tune of $210, Billion. To acquire these new found dollars on the backs of business. President Obama is creating “ 800” new I.R.S. , Jobs. too specifically enforce this tax code. Of course these companies cannot absorb the additional taxes, they pass them on to you and me. How much will that cost us. The only jobs he or this Administration has created are Government paid Jobs.
Well we wouldn't want anyone to go without paying taxes like his Treasury Secretary, now would we. I love it when the epitome of an hypocrite makes the rules.
How about we put a big bright spotlight on the other tax loopholes that are taken advantage of like:
Television Entertainers like Oprah Winfrey
She Can legally deduct anything associated with her on air presenation such as: Wardrobe, makeup, shoes, accessories, hairdressing, nails, etc.
How about the tax benefits of her real estate holdings when she uses them for business purposes? Photo shoots for the magazine, etc.
There are lots of questionable loopholes in the tax laws, however the ones that will be focussed on will not be the ones that affect the Liberals in the limelight.
So let me get this straight… He is going after people and corporations who have followed the law, utilizing the laws the way they have been written for years…… BUT he gives a free pass and appoints his highest officials from Domestic Tax cheats who violated and broke the written tax laws?
Yep that about sums it up. Blows the mind how that works.
You said it. It's not what you are, it's who you are now.
Too True! Did you see the announcement by "The One" yesterday? Old Turbo Tax Timmy Geithner was close by his side to explain how they were going after the "tax cheats"! what a hoot! If I were Timmy, I'd have had a hard time keeping a straight face!
Once again, backwards leftist thinking. Instead of making it easier to do business in the US they will just squeeze what ever they can from companies that have already been driven out. Brilliant thinking Barack, that will surly help. I heard him say that this will help collect $210 billion in tax revenues. No it won't, it will just make it even harder to be profitable in the global market. Psst come here I have to tell you something Mr. President "we can only tax their income (profits), this will actually reduce our tax revenues."
It's fairly obvious that BO never took a single class on economics. FDR did the same thing, and taxed some people 100% of their income over a certain amount … and revenues went DOWN.
This isn't about raising revenues, or creating jobs. It's about control. When unemployment spikes 20% or more, and everyone knows that it's the Dems who are to blame … they'll still vote for them. Think I'm wrong? After FDR the Dems had control of the government for 40 years. Why? Because while they were making everyone's lives miserable, they were hooking them on government "aid". Like an abused spouse, the voters kept voting for the ones who were responsible for their pain, because they needed the government assistance.
Take 80% of people’s income, and give them 20% back, and they’ll kiss your @$$ and call it ice cream for it.
So lets see here, these are the same big companies that employ thousands of people, these are the same companies that contribute to research,charities, instead they are going to have to contribute to obama's charity? Wonder how donald trump, warren buffet are feeling right now. so if you work overseas and now your gonna be taxed, they are gonna move or quit, and these big companies are gonna hire people from abroad instead of America or companies will cut back on product and just make enough to get by or maybe they'll find a country that won't comply with obama's rules. There is always a place for big companies to hide, so what will opey do?
Everything is being put under the government!!!!!!!!!!! It is beyond Obama and team being concerned about revenue. They aren't that stupid. They know they will have it from some worldly connection. But what, and who??????? It sure won't be the tax payer, because he is working hard at eliminating more every day.
His only option soon will to alienate the people who don't pay their taxes in his own party and force them to pay up. His whole presidentsy is all about him as we all saw during his campaign and now, he is very quick to throw his own people under the bus.
I never saw it your way. Good thinking..God Must Be with you…. You surely know the story about the "elephant" and the "ant" and we all know who WON. obama and his gov.t think that they are too big to fail.
ha!! I am 100% positive that ordinary citizens like you and I can bring this govt to a HALT!!!!. Just ONE GOOD TACTIC would do just that. Believe in the POWER OF ONE.. But I still believe in the tax movement and I know it WILL WORK. obama IS NOT as strong as he makes out to be.he is very very good at disguising the real facts… and he is lying to the American people that things are going to be OK. just look at all the deception with acorn.. obama is the root of that acorn tree. they are THUGS!!!!!!! that cannot be trusted…
You see, in Obama's world, it's all about him. He does not care who he steps on or throws under the bus. Think back first ti the AIG executives that he chided for taking the bonuses(these bonuses where part of their salary by the contract they signed, taking only $1.00 in salary and these additional money in January, which was written in their contract that way.) ,Obama sent his goons from ACORN to threaten their wives and childred(They call it rent a mob.) All of these executives were Obama voters. The Hedge Fund people that Obama was on recently are all Obama voters. This attorney who's client Obama threatened with the Whitehouse Press is an Obama voter. All of those people on Wall Street that Obama is costantly chiding and saying that he is going to tell how much they can make. See, in Obama's world, anybody with any money must have come upon it illegally. Therefore, he is going to return it to the rightful owners. It will and it ahas started to already, crumble from within. These Obama voters are already saying that this is not the change we voted for. But they should have seen it. They could not look beyond Obama's charm.
It is quite easy to conclude. the "ones" that voted for obama are like the BLIND LEADING THE BLIND.
their Spiritual Eyes have NOT been opened yet. they go on their feelings and we know that feeling are NOT FOUNDATION. they are standing on "shaky ground" and it WILL collapse down the track.I can assure you that obama thought it would be easy just to come in to power and wield his stick.Ha!! I am sure there are nights that he wished he didn't run for president.actually he is not eligible and that truth WILL be revealed also..you see obama is thinking from a very dark mind and he WILL NOT see clearly. And you know what the bible says if one cannot get his or her way they even kill to get it. a civil uprising is on the horizon!!!!!!!!!!!!!! If I could ask obama just one question it would ask "Where are the papers from my parents giving YOU MR PRESIDENT the sole rights to take FULL CONTROL of me and my future.So why do you want to control not only me or the USA and also the world.
The "loop holes" they are talking about are actually tax laws that they, the government wrote. The "closing" is just another attempt to change the rules again. The whole point of what is being talked about is that they want to tax profits made over seas even though they are already taxed in those countries.
Taxes do not get reinvested into the economy. This is a fallacy forwarded by groups and individuals who want to justify higher taxes. They take money they did not earn from people who did and dole it out as they see fit. Over 50 percent of the budget of the US government is entitlements. Something for nothing.
Increasing corporate taxes does not reduce the tax burden on anyone else those do not change at all. So we all just get to pay more. The worst part in all this is that before the business raises its prices, it will have a round of layoffs and fireings thus increasing unemployment and making the whole situation worse.