Tuesday, May 05, 2009
Obama's new tax code crack down necessary to the recovery of our America!
Obama's necessary tax code crack down is being called by firms abusing the system increasingly by Bush "a back door tax increase" Whatever! It is a tax reform we need in order to recover our America from the mess Bush made of it. Those that benefit from this gravy train do not want it to end and will continue to kick and scream to keep it going. They will make us pay for its ending. Tax Haven's abused in the Cayman Island's, Bermuda, the Bahamas, and elsewhere, the likes of China India,I am sure,. they must end.
There are a thousand firms in the Cayman Island's alone. America's average citizen's will ultimately be screwed for making those firms abusing this system but this is about tax fairness not a tax hike as firms that abuse this along with Republican's and Politicians representing those companies and not you, want you to believe. Any way you look at it, it is not pessimism but reality in today's world that we will be mad to regret President Obama holding abusive firms accountable and forcing them to do the right thing and pay their fair share of America's taxes.
We must end tax deferment abuse and once again Obama is the man to do it! When I was researching this prior to Obama's speech on tax reform I was amazed to see a who's who of abusively profitable main stream companies on the list but I guess I shouldn't have been. As I am with Politicians I am sickened to hear how much companies love America and love the people while they continue to screw average Americans and our America while only helping themselves.
There was a letter sent to Congress by companies and lobbyists who as far as I and most likely you are concerned, own Congress and America. The letter was signed by 200 companies such as Pfizer, Oracle, Microsoft, Johnson and Johnson, and G. E. The choke hold these companies have on Congress thus us and our America must end. Obama must succeed in every instance if we are to succeed in our recovery of our America Bush worked so hard to destroy.
Now, Obama said he will assign up to 800 new Federal agents to enforce the new laws. If a company refuses to divulge their practices they will be made public. This is great! Just before Obama spoke I heard a bigger number. I heard there are 18,900 companies taking advantage of the loopholes in the Cayman's. This is low hanging fruit for Obama but it is necessary picking for our recovery and I am psyched. The policy of shifting money around to avoid paying taxes must stop. To avoid raising the taxes of individual citizens and to raise the funds we need to fix Bush's mess and continue to function, these tax loopholes must end.
Cisco and the numerous other companies that play the tax loophole shell game to inflate their profits at our expense will of course will attempt to pass the cost on to us. We then must in turn boycott them if and when necessary until they normalize profits. American's all of us must realize Obama can lead the way and he will but we must all step and ensure compliance. There will be many companies trying to find a way around this and I am sure they are already.
Obama began his speech saying "of course" no one likes paying taxes but most do and It is time to stop the safe havens. Obama understated the problem by saying a small number" of companies use the tax haven loopholes to avoid paying their share. Obama's speech on tax haven loophole crackdown
Small number! I just heard that out of the top 100 companies in the country 83 of them were using the loopholes. That is a bigger problem than we know. Most of us know we have been screwed in this regard too for years. Biden's chief economist Jared Bernstein was dead right when he said US corporations were incentivized to to go overseas. I wan to add that it was really pushed by Bush as part of his program to de-industrialize our America and create a one world economy led by the US. Obama will now de-incentivize them to get them back in the US where they belong. Obama will unify the world again if they all cooperate.
In closing With Bush the destroyer gone and Obama thankfully in charge now is the time to close the tax loopholes that allow a "small number" of companies to avoid paying their share of taxes. Man you really have to wonder. Bush allowed companies to avoid paying their share of taxes while giving the wealthy back much of their contribution. How did we even survive? How much better off if at all would we be if the system was as it was pre Bush?
As you know Bush the mouth was all talk and no action at least for the benefit of average Americans. Obama I am happy to see is all action and as little talk as possible. Excellent! As Obama stated, his proposals will merely be a down payment on a larger necessary overall tax reform. I love it!