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President Barack Obama plans to propose changes to tax policy certain to be unpopular with corporations with international divisions and individuals who use tax havens. Obama also plans to ask Congress for 800 new federal tax agents to enforce his broad requests.
Obama's two-piece plan, to be announced at the White House on Monday, would eliminate some tax deductions for companies that earn profits in countries with low tax rates, as well as consider U.S. citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating U.S. tax laws. If Obama wins congressional approval for the changes -- and he faces a challenge on Capitol Hill -- it could deliver $210 billion in tax revenue over the next decade.
Originally posted by Frankidealist35
If we had no taxes everything would be a lot better.
Originally posted by searching4truth
reply to post by Frankidealist35
Realistically, he could lower them overall and still make more money since more businesses would be paying. I'm totally fine with that, I just can't sympathize for someone or a corporation that sends their money out of the country anyway, and in many cases jobs as well. Especially, when the small business person gets screwed all around, the money from my business stays within a 15 miles radius and I get no breaks.