It’s about time! Sure seems like we could use a lot of this tax revenue to help out our unbelievably under funded country. However, I’m sure there are many arguments as to why these corporate loopholes benefit America and why they should not be overhauled. What are those arguments anyway? Something about the Republicans spewing forth a bunch of talking points. You know, how unfair and costly it is to make greedy corporations and wealthy folks pay their taxes.
President Obama vowed Monday to “detect and pursue” American tax evaders and go after their offshore tax shelters.
In announcing a series of steps aimed at overhauling the U.S. tax code, Obama complained that existing law makes it possible to “pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, N.Y.”…….
“Nobody likes paying taxes, particularly in times of economic stress,” Obama said. “But most Americans meet their responsibilities because they understand that it’s an obligation of citizenship, necessary to pay the costs of our common defense and our mutual well-being.”
The current tax code, he said, makes it too easy for “a small number of individuals and companies to abuse overseas tax havens to avoid paying any taxes at all.”
Oh, if the world were a beautiful place, this would have enthusiastic support by the majority, as well as a little help from the media.