Bad news for all you business men and women who filter money through offshore accounts to avoid United States taxes.
President Obama will not have it. He has vowed to prevent U.S. companies from deferring tax payments by keeping profits in foreign countries rather than recording them at home. President Obama wants more transparency in bank accounts held by Americans, especially in places like the Cayman Islands where tax havens are extremely prevalent.
The plan Obama plans to use to implement this will hire eight hundred new IRS agents to enforce the new tax laws. In addtion, this plan would generate $210 billion in new taxes over ten years and, according to the great omnipotent president, make it easier for companies to create jobs at home.
There are individuals who think differently. “The plan will reduce the ability of U.S. companies to compete in foreign markets,” said John Castellani, who heads the Business Roundtable, which represents some of the largest U.S. companies. “We believe it will not only reduce jobs but it will also cripple economic growth here in the United States. It just couldn’t have come at a worse time.”
Let’s see how much heat Obama catches for this one.
*alet alecia*
