Obama Pushes $190 Billion Tax Increase on US Companies
More Hope and Change…
Barack Obama proposed a $190 billion tax increase on American companies today.
It sounds like just the thing we need during this worst recession since the Great Depression.
Bloomberg reported, via Free Republic:
President Barack Obama proposed to raise about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques used by U.S. companies such as Caterpillar Inc. and Procter & Gamble Co. He also would make it riskier for Americans to stash money in tax-haven banks.
The tax system is “full of corporate loopholes,” Obama said at the White House today, as he outlined the plan along with Treasury Secretary Timothy Geithner. The tax proposals, which will be part of a detailed budget the administration releases later this week, would raise a total of about $210 billion over the next decade.
This is priceless… Obama wants tax cheat Geithner to root out the tax dodgers.