Barack Obama’s bailout policies may have routed billions to foreign banks, but God forbid American companies put any of their money overseas.
Hell, God forbid a private company make any money, anywhere.
Today, Obama is unveiling his latest attempt to squeeze every possible nickel out of the private sector by going after wealthy “tax avoiders,” or individuals and multinational corporations that park assets offshore to avoid America’s increasingly crippling tax structure.
The plan – a convoluted mix of legal redefining and tax code tweaking – would create an estimated $210 billion in government revenue over the next decade.
Quick on the spin trigger as always, Obama and his sycophants in the MSM are portraying the plan as a “crackdown” on companies that move jobs overseas.
Right.
It’s a revenue grab, people – a way to make the wealthy pay (even more) for Obama’s bailouts.
Of course, the dirty little secret is that this plan will only encourage more companies to move their assets – and jobs – overseas.
Don’t believe us?
Here’s what a spokesman for Cisco said in today’s Wall Street Journal:
“If rules are changed on tax deferral and we are taxed in the U.S. on non-U.S. profit, this significant additional U.S. tax cost would adversely impact our ability to invest and grow our business in the U.S….and to compete against our foreign competitors who are not subject to this U.S. tax.”
Duh.
Seriously, why the hell would any wealthy individual or corporation bother doing business with (or in) America anymore?
They’re making it too damn expensive.
Here’s a little Econ 101 – you keep jobs from going overseas by having a competitive tax climate, not one that digs deeper into people’s pockets.
By Jack May 4, 2009 at 10:54 am
The most thoroughly researched plan for funding the Federal Government is available now. This plan, created by economists whose efforts were evaluated by citizen focus groups for fairness, were paid for by private business owners and concerned citizens looking to make the United States the most economically competitive tax environment in the world, as it was for the first 150 years of its existence.
Companion legislation to make South Carolina the most economically competitive Tax environment among the 50 states is being crafted at this time. The guiding legislation H.3992 was introduced by Rep. Rex Rice last week and briefly states the intent of the SC FairTax Act.
Both of these bills, when implemented, will restore the balance of power between the federal government, the state governments, and the people, as envisioned by our Founding Fathers who foresaw the effects of concentrating power at the federal level that has resulted in the out of control spending and over-regulation we are now experiencing. It was just such a concentration of power in the Monarchy that led to the revolution in 1776. Our Founders provided us with the means of overthrowing an unresponsive government without resorting to armed revolt. Join us at SCFairTax.org in our fight to restore the power to the people of this country and this state as provided by the Tenth Amendment.
By randal May 4, 2009 at 10:55 am
Corporations don’t pay taxes. People do. Perhaps O can set a good example by purging his own Cabinent of tax-cheats. Five (that have been caught) at last count.
By Silent DoRight May 4, 2009 at 12:30 pm
The Fair Tax is the dumbest idea since New Coke, and New Coke looks good compared to the Fair Tax. Obama has officially moved the US into Socialism. The state (federal government) is moving to squash private enterprise, retain all control at the federal level and enslave the masses. This is change we don’t need, but thanks to all the idiots out there for voting for Obama and all the GOPers in congress that helped him do it, by increasing the size of goverment and allowing limitless spending. Our only saving grace comes in 18 months.
By Silent DoRight May 5, 2009 at 4:24 am
The Fair Tax is the dumbest idea since New Coke, and New Coke looks good compared to the Fair Tax. Obama has officially moved the US into Socialism. The state (federal government) is moving to squash private enterprise, retain all control at the federal level and enslave the masses. This is change we don’t need, but thanks to all the idiots out there for voting for Obama and all the GOPers in congress that helped him do it, by increasing the size of goverment and allowing limitless spending. Our only saving grace comes in 18 months.
Sorry, forgot to add great post! Can’t wait to see your next post!