Terminator Injunction

“Hello. My name is Chip and I’ll be handling your audit.”

From McClatchy

Obama calls for crackdown on offshore tax havens

By Margaret Talev, McClatchy Newspapers Margaret Talev, Mcclatchy Newspapers

WASHINGTON — Following through on a campaign promise to stop rewarding companies that send jobs and money overseas, President Barack Obama on Monday called for eliminating various loopholes that benefit offshore tax havens and ratcheting up overseas enforcement, which he said could save $210 billion over a decade and encourage more job creation at home.

The proposals, which would require congressional action, enjoy support from some Democratic lawmakers, but they face loud objections from others, including Senate Republican leader Mitch McConnell of Kentucky , and from hundreds of the most powerful businesses in the nation, including those that produce technology, pharmaceuticals and food.

Opponents say that Obama's proposals would amount to a tax increase and put them at a disadvantage to foreign rivals who don't face such tax laws in their home countries.

"I want to see our companies remain the most competitive in the world," Obama said in announcing his plans at the White House , flanked by Treasury Secretary Timothy Geithner . "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."

As evidence of the problem, a White House fact sheet noted that:

— The effective U.S. tax rate on U.S. multinational corporations as of 2004, the most recent year for data, was 2.3 percent.

— Eighty-three of the 100 largest U.S. corporations had subsidiaries in tax havens, according to the Government Accountability Office .

— Bermuda , the Netherlands and Ireland — all small, low-tax countries — claimed nearly a third of all foreign profits reported in 2003 by U.S. corporations.

...

A fine first step, Mr. President, but these are not shelters. These they are Big Money pirate bases that loot billions from the Treasury while costing Americans their jobs. These are tax terrorism training camps and it is high time to start treating them as such.

And with it's state-of-the-art laser guided acceptance sampling technology and infrared SarbOx sensor capability for nighttime audits, might I suggest the Internal Revenue Service's new A1099EZ Gleaner can accomplish in 20 minutes

what 20 years of stern speeches and thumb-twiddling have failed to do.