White House announced new corporate tax reform on U.S. This is the beginning of the end of multinational corporations and tax havens for American billionaires.Obama’s project established to create the new jobs in the United States. Obama’s administration said the changes would raise $210 billion in tax revenue over 10 years.
"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," Obama said in a White House announcement.
Obama Goes After Overseas Tax Cheats
The White House and Department of the Treasury represent three proposals: Tax deferral rules ($60.1 billion), R&D credit ($74.5 billion) and Foreign tax credit ($43 billion) which Obama said, will raise $210 billion of dollars over 10 years (read more).
I don’t really like to talk about taxes, but in America two things are for sure: death and taxes. This is why we should talk about taxes. American government lost about 9 billion of dollars because rich Americans used tax loopholes. Finally, it is not the rich people, but the common people who cover the deficit in American economy.
New changes were announced in the new budget plan of Obama administration. The new plan engages about 800 new federal tax agents to enforce the system."The plan will add 800 agents to bring people to justice who hide their assets," said Treasury Secretary Tim Geithner (read more).
Even I don’t like to talk about taxes. In fact who does? I like President Obama's speech. His new federal tax plan is clear and gives some substantive arguments in the debate about present economic crisis; and give some hope too. Obama said, "It will take time to undo the damage. (…) But with the steps I am announcing today ... we're beginning to restore (tax) fairness and balance." What do you think?
Tax and Spend by Barack Obama
Retreived May 4, 2009, from: onet.pl
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