Obama on the globalization of taxation “…
Obama on the globalization of taxation “[...] one of the strengths of our economy is the global reach of our businesses. And I want to see our companies remain the most competitive in the world. But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens. This is something that I talked about again and again during the course of the campaign. The way we make our businesses competitive is not to reward American companies operating overseas with a roughly 2 percent tax rate on foreign profits; a rate that costs — that costs taxpayers tens of billions of dollars a year. The way to make American businesses competitive is not to let some citizens and businesses dodge their responsibilities while ordinary Americans pick up the slack.
“It’s the kind of tax scam that we need to end. That’s why we are closing one of our biggest tax loopholes. It’s a loophole that lets subsidiaries of some of our largest companies tell the IRS that they’re paying taxes abroad, tell foreign governments that they’re paying taxes elsewhere — and avoid paying taxes anywhere. And closing this single loophole will save taxpayers tens of billions of dollars — money that can be spent on reinvesting in America — and it will restore fairness to our tax code by helping ensure that all our citizens and all our companies are paying what they should. [...]
“One of these measures would let the IRS know how much income Americans are generating in overseas accounts by requiring overseas banks to provide 1099s for their American clients, just like Americans have to do for their bank accounts here in this country. If financial institutions won’t cooperate with us, we will assume that they are sheltering money in tax havens, and act accordingly. And to ensure that the IRS has the tools it needs to enforce our laws, we’re seeking to hire nearly 800 more IRS agents to detect and pursue American tax evaders abroad.
“So all in all, these and other reforms will save American taxpayers $210 billion over the next 10 years — savings we can use to reduce the deficit, cut taxes for American businesses that are playing by the rules, and provide meaningful relief for hardworking families.”
May 4, 2009
Cf. http://theunitedpersons.org/blog/rowling-the-single-mother-s-manifesto
Cf.
“What Can You Do — The thing to do is acquire your offshore organization in place before the various countries ratify any new rules and regulations. Have your structure in place earlier so it will be grandfathered in. Next move all the assets you are thinking about moving offshore, out now. Do not wait or remain to see what will happen next.”
Cf. http://theunitedpersons.org/blog/states-let-them-prey-on-atoms-but-not-on-bits
