"The steps I am announcing today will help us deal with some of the more egregious examples of what is wrong with our tax code" -Barack Obama, May 4, 2009
Watched a news conference today, Obama was outlining a plan that will close loopholes and force American Corporation that set up "shell companies" overseas or "offshore" such as the legendary Cayman Islands to pay the taxes that they are legally obligated to pay...check out excerpts from the L.A. Times:
President Obama said this morning that he plans to crack down on American companies that legally avoid U.S. tax obligations by investing money in countries with lower tax rates.
He also plans to eliminate tax deductions for companies that achieve similar breaks by sending jobs overseas, while extending the deduction for those who create domestic jobs.
The practice of "offshoring" cheats other taxpayers, the president said, and those who circumvent the system are "aided and abetted by a broken tax system" that he pledged to fix.
The practice of "offshoring" doesn't cheat others just because the President says so, it cheats others because it cheats others, period.
I feel it is imperative that we work to end the reign of the multi-national wholesale robbery of the American People, as well as the robbery of whole nations and peoples across the planet.
Remember, Americans, even though we like to think we're the only country on the planet, we are not alone, and the actions of this nation reverberate throughout the world like no other nation in the history of the world. The article continues:
Speaking to reporters in the Grand Foyer of the White House, Obama said he doesn't think companies should be rewarded more for creating a job in Bangalore, India, than for creating one in Buffalo, N.Y.
"I want to see our companies remain the most competitive," the president said, while not rewarding them for moving jobs overseas.
The president's plans could yield an additional $210 billion in tax revenue over the next decade, according to the administration.
Obama's plan would:
* Eliminate some tax deductions for companies that earn profits in countries with low tax rates.
* Make permanent a research and experimentation tax credit, which is offered for creating domestic jobs.
* End a loophole that allows corporations to avoid taxes by reporting to the U.S. government that they're paying taxes in foreign countries and then telling the foreign countries that they're paying here.
This is important. It is time the corporations in this country that have dodged the IRS (while most of us sweat dealing with them at all,) to start paying and contributing to this country on a very visceral level. I want these motherfuckers give till it hurts.
Obama did bring this up more than once during the campaign , and after eight years of Bush, we handily voted Obama in over the Republicans and their policies, policies that have lead to the destruction of the middle, working class, and created more hardship for the poorest in the US, as well as around the world.
The Republican response? Senator Mitch McConnell, Republican from Kentucky:
"a significant tax increase on companies" Ever the defender of the corporation, never a defender of his or any constituents that don't earn 6 or more figures a year...
As soon as Rachel Maddow's clip from this evenings' newscast on MSNBC, I wil post it. As always Rachel breaks it down. Suffice it to say, the Republicans have virtually no ideas that will benefit anyone other than their cronies that line their pockets.
TRICKLE DOWN ECONOMICS DOES NOT WORK. The Republicans ideas are old and they have failed. (Thanks Mr. Prezz)
So, here is a link to tired ass McConnell senate website, here is his number:
and a link for all 50 states
I will contact Blanche Lincoln of Arkansas as well as Mark Pryor, along with the Ladies of Washington State. I'll let you know what they said tomorrow, and I'll get that video from Maddow's posted along with it...peace Searchers, we are in a fight for our country, and it aint against Obama.
BTW, the Republicans are already screaming about Obama's Supreme pick, and the pick doesn't even exist, yet.
Rachel Maddow is currently reporting on Jefferson Sessions, Republican senator from Alabama, evidently a racist s.o.b., I will research him more, and track down the quotes Maddow threw up onscreen. He is a member of the Judiciary Committee that will handle the nomination of Obama's Supreme pick. I have contacted Session's office in the past regarding some ridiculous comments he made, so I will be watching Senator Session's behavior very closely during the nomination process. Peace-