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Obama’s Bid to End Offshore Tax Havens Faces Hurdle in Congress ....what is YOUR opinion?

Just curious what other's opinions are in this. For those who have not hear/read the new here are some links if you care to check them out.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaXFFJBizJtc&refer=home

and here in article from the wallstreet journal

http://online.wsj.com/article/BT-CO-20090505-706737.html

 
samurai_chica

Asked by samurai_chica at 11:20 AM on May. 5, 2009 in Politics & Current Events

Level 35 (74,081 Credits)
This question is closed.
Answers (8)
  • The only reasons for offshore banking, whether by corporations or individuals are tax evasion and avoidance, banking proceeds from crime - money laundering, fraud, drugs, gun-running etc. and to bank assets which could otherwise be at risk in their country of residence because of legal judgements, the claims of spouses, bankruptcy etc.

    Offshore banking should be banned for residents of the US and corporations subject to US tax laws and regulations, and be made a criminal act, as should banking in any country that refuses to co-operate with with Federal agencies requiring information on individuals and corporations suspected of offences under US law.
    janet116

    Answer by janet116 at 3:05 PM on May. 5, 2009

  • sorry for my bad grammar...lol.

    samurai_chica

    Answer by samurai_chica at 11:26 AM on May. 5, 2009

  • Obama makes it seem like the only people who will be affected will be slimes who took their companies overseas.
    In reality there are many people and companies who have a Company in America that has branched out internationally. These companies pay the taxes for the main company in the US and they pay the ones that are required by the other country they are located in. Why should they pay double taxes in the US just because they have a company over there? This will not bring jobs back to the US but it will make companies think twice before going international. This will hurt everyone in the end and even Dems know it. This is why he will have trouble getting it passed.
    itsmesteph11

    Answer by itsmesteph11 at 11:47 AM on May. 5, 2009

  • H e needs all that tax money here to pay for all the promises he made.

    mustbeGRACE

    Answer by mustbeGRACE at 12:43 PM on May. 5, 2009

  • I think this is just one action in a whole agenda. He will hit these people first, because they "define" wealth. Then the definition will continually be tweeked until we all fit the definition of wealthy, and the government takes our salaries as a tax and gives us stipends to spend. Sound familiar?
    jesse123456

    Answer by jesse123456 at 12:53 PM on May. 5, 2009

  • The companies so far involved in this are the same ones who helped elect Obama, Pfizer, Google, GE,and others I wonder what the hell is going through the big heads of the upper management now after they gave him all that money for the election. Probably the same things that will be going through the minds of all the middle class that voted for him and will face higher taxes and less in return over the next four years. They all deserve it for thinking that pompous arrogant azz would actually do anything for them. It was so obvious, it was all about HIM from the beginning.
    akinbottom2

    Answer by akinbottom2 at 1:19 PM on May. 5, 2009

  • I think this is just one action in a whole agenda. He will hit these people first, because they "define" wealth. Then the definition will continually be tweeked until we all fit the definition of wealthy, and the government takes our salaries as a tax and gives us stipends to spend. Sound familiar?

    Sounds like Obama. For him this is about power.
    Anonymous

    Answer by Anonymous at 1:32 PM on May. 5, 2009

  • Maybe those companies will choose to move ALL their operations overseas, and we won't get ANY tax dollars. OR they close their overseas (and profitable) business and their stock will drop through the floor.

    I wonder how many in Congress and the Senate have stock in those companies. They won't like seeing their profits disappear.
    mancosmomma

    Answer by mancosmomma at 2:01 PM on May. 5, 2009

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