Posted on 02/26/2009 2:36:19 PM PST by reaganaut1
WASHINGTON -- President Barack Obama has proposed a dramatic tax increase on the foreign profits of U.S. multinationals, in a 10-year budget blueprint released Thursday.
The tax increase on foreign income, taken together with proposals to crack down on offshore tax cheating, would swell federal coffers by an extra $25 billion a year in revenue by 2014, according to projections by White House budget officials.
The budget plan would also impose a $31.5 billion tax increase, over a 10-year period, on oil companies, by repealing various tax breaks now enjoyed by the sector. In addition to that, Mr. Obama would reinstate Superfund taxes, raising $17.2 billion over 10 years, much of which is accounted for by excise taxes on oil.
Those changes are part of a package that would raise taxes on business by $353.5 billion over the next 10 years, which could help fund other tax cuts or spending, or reduce the deficit.
"The budget also begins to restore a basic sense of fairness to the tax code, eliminating incentives for companies that ship jobs overseas and giving a generous package of tax cuts to 95% of working families," Mr. Obama said in his budget message.
...
The plan is short on detail regarding how Mr. Obama would roll back tax benefits for U.S. multinational firms. It also lumps in international tax reforms with unspecified proposals to shut down offshore tax evasion, raising a total of $210 billion over the next 10 years.
Marc Gerson, an attorney at Miller & Chevalier, said that taking away tax advantages now offered to U.S. multinational firms might harm those firms' ability to compete globally. "The current system allows them to effectively re-deploy foreign earnings, or competitively price contracts," he said.
(Excerpt) Read more at online.wsj.com ...
Nah. Galt’s Gulch was a place for constructive folks to hide and survive. This would be a place to do business, bank, launder money, hide funds, and generally create more wealth.
Think of it as Singapore and Hong Kong combined, but more so, without the PRC as a neighbor or owner...
Republican leaders should lead the charge in accusing Obama and the Democrat Congress of slowly destroying this country and our way of life.
Start calling them out on their plans to heavily tax oil companies which will result in the oil companies heavily taxing everyone who drives or uses electricity. Start accusing the Democrats of taking what should have been a pure emergency stimulus bill and instead layering it with unrelated wasteful spending that borders on political malpractice with much more to come. Finally, start accusing them of damaging the U.S. currency with their pet project spending at a time when the country is in debt and can’t afford it. Accuse them of behaving the same way the lenders & automakers have been.
Pitcairn Island with it’s own communications satellites.
And a good harbor, and a good airport and some great hotels, restaurants and office space.
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