President Takes Aim at Foreign Profits

[seafan]

Source: Wall Street Journal

WASHINGTON -- President Barack Obama has proposed a dramatic tax increase on the foreign profits of U.S. multinationals, in a 10-year budget blueprint released Thursday.
The tax increase on foreign income, taken together with proposals to crack down on offshore tax cheating, would swell federal coffers by an extra $25 billion a year in revenue by 2014, according to projections by White House budget officials.

The budget plan would also impose a $31.5 billion tax increase, over a 10-year period, on oil companies, by repealing various tax breaks now enjoyed by the sector. In addition to that, Mr. Obama would reinstate Superfund taxes, raising $17.2 billion over 10 years, much of which is accounted for by excise taxes on oil.

.....

As expected, Mr. Obama proposed raising taxes on private-equity fund managers and venture capitalists, by taxing their profits as ordinary income instead of capital gains. That change would raise $23.9 billion over 10 years, according to White House budget office estimates.
But the hardest hit from the business-tax-increase proposals would likely be oil and gas companies. Mr. Obama would repeal a range of tax breaks, including a tax deduction for domestic production.

In addition, the White House proposed to repeal accounting last-in, first-out accounting rules, at the expense of oil and gas but also some other industries, including auto dealers. That change is estimated to raise $61 billion over 10 years.

Read more: http://online.wsj.com/article/SB123566551506583891.html?mod=googlenews_wsj

[yy4me]

1. This guy is amazing me. Thank you Mr President. Keep it up. n/t

[county worker]

2. Oh the sound of the weeping and gnashing of teeth on the right is unbearable!

[liberalla]

7. I have to admit I'm finding it quite enjoyable

}(

[aquamarina]

3. Bravo, Bravo!

Common sense tax policies come back to America.

:thumbsup:

[TheCoxwain]

4. I am going to have an Orgasm

[sufrommich]

5. You go, Mr. President !!! nt

[MinneapolisMatt]

6. I love him.

That is all.

[EnviroBat]

8. I love it... He just keeps the good news coming!

He keeps raining blows down on the corporatists sacks.

[acmavm]

9. Wow! This is just so right. But now I'm gonna really start to say a little

prayer for his continued good health.

He's bucking the wealthy, corporate America, AND the military.

He's making me nervous.

[Romulox]

10. What about DOMESTIC profits?

I often hear that the average corporation pays little or no federal tax on its profits.

[classysassy]

11. Sock it to them

greedy bastards,damn them.

[Laelth]

12. Rock on, Obama!

Clinton was so DLC that I forgot what it's like to have a real Democrat as a President.

Now channeling Chuck Mangione ... "Feels So Good"

:dem:

-Laelth