President Barack Obama’s Treasury secretary says the administration will unveil a series of rules and measures in the coming months to limit the ability of international companies to avoid U.S. taxes.
Treasury Secretary Timothy Geithner told the House Ways and Means Committee on Tuesday that Obama will propose legislation to limit U.S. companies’ ability to shelter foreign earnings from taxation in the U.S. He also said the administration will try to limit wealthy Americans’ ability to use tax havens to avoid taxation.
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Could this really be happening?
This is like the Obama Administration signing a trillion dollar “stimulus” bill and then saying they are going cut the deficit by half… Or, it’s like the Obama Administration passing a bill with 8,600 earmarks while claiming they’re going to crack down on earmarks.
What kind of crazy is this?