Obama administration backs Congress tax haven crackdown

[onehandle]

Source: Reuters

WASHINGTON (Reuters) – The Obama administration on Tuesday endorsed legislation to crack down on offshore tax havens, raising the stakes in a showdown between the United States and bank-secrecy nations such as Switzerland.

The endorsement came from U.S. Treasury Secretary Timothy Geithner at a congressional hearing where he was asked about the wide-ranging tax haven bills unveiled on Monday in both the Senate and the House of Representatives.

"We fully support the legislation ... on offshore tax centers, and we look forward to working with you as part of the broader effort to address international tax evasion," Geithner told the House Ways and Means Committee.

The administration's support greatly improves the chances of offshore tax legislation becoming law this year, said Michigan Senator Carl Levin, chief sponsor of the Senate bill.

Read more: http://news.yahoo.com/s/nm/us_usa_taxhavens

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Yes!

Companies like Accenture, that get Huge tax breaks for having a mailbox in the Caribbean while sending American jobs to Asia, will now pay!

I hope.

[Lugnut]

1. Good.

It's about time.

[FrenchieCat]

2. This is like spraying Bleach on Mold......

Thank you President Obama!

[4lbs]

3. Every dollar from rich people that goes into a tax haven, is one dollar that leaves the country and

doesn't stimulate the American economy.

Rich people and corporations have been asking for years for less taxes on them, saying that it will create jobs under the 'trickle-down' theory.

Theory was run over by reality as they didn't create jobs, but just moved hundreds of billions, trillions even, every year, offshore into tax havens. They didn't spend the 4 or 5 percent savings into the American economy.

[Norrin Radd]

4. kr

[earcandle]

5. Isn't that the old Arthur Anderson?

[Left Coast2020]

6. Absolutely good news. The question remains.....

how will congress, or should I say the RW-ers argue this proposal?

[LeftCoastNinja]

7. Hmm

We are finally gonna hold these people responsible? It's about time. It's weird, slowly and slowly I see Obama becoming the GOP's/Rich worst nightmare.

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[BumRushDaShow]

10. Before the pizza man shows up

Finally, no ratification was ever really made of any law which required citizens to pay income tax. It isn't even constitutional!!!!! What about the intent of this nations forefathers???????

Wow - Go buy yourself a copy of the Constitution or just look it up online.

See the 16th Amendment:

“ The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

This is why Wesley Snipes has his butt in jail right now.

[deacon]

9. Lonnnnnnnng overdue. n/t

[closeupready]

11. I'll give this an amen.