Obama Pushes 'Crackdown' on Legal Tax 'Havens', his use of the words “tax scam” and “tax cheats” in his speech; but the avoidance practices he intends to “reform” are currently legal.
WSJ and CNBC's Erin Burnett point out U.S. has higher corporate tax rates than other countries. VIDEO: HERE.
Analyst: proposal is impractical, counterproductive...
"This notion that you do not want U.S. firms going overseas is really a mistake to begin with, because in many cases the operations abroad and the operations at home are actually complimentary to each other," Viard said... When U.S. firms create jobs abroad, they are often expanding opportunities to create jobs in the United States, as well. It does not have to be a choice between the two."
Capital pertectionism (deglobalization?)
CNBC's Martin Soong and David Roche, global strategist at Independent Strategy Ltd; discuss Obama's potential effect on Biz off-shore...
Airtime: Mon. May 4 2009 | 4:08 PM ET
Wilbur Ross, chairman & CEO WL Ross & Co., says U.S. President Obama's proposed tax changes targeting MNCs will be a huge mistake, as they will hurt U.S. corporations dependent on overseas growth and sales. He talks to CNBC's Martin Soong and David Roche, global strategist at Independent Strategy Ltd.
Complete Madness... MORE.
In a sense, the individual State's appointed Federal Government is a working tax-haven for 52 US States... We could start with Washington.
(Redistributed pension funds come to mind)