This is very bad news if you are Ireland, or any other country which has benefited from American corporates having operations in low tax environments.
Obama crackdown on tax loopholes
President Barack Obama has proposed outlawing offshore tax-avoidance techniques in a move that could hit US corporations with overseas divisions.
His proposals would axe some tax deductions for firms that earn profits in countries with low tax rates.
His plan envisages 800 extra federal agents to police the laws, and may reap $210bn (£140bn) in tax over the decade.
The president said he wanted to "make it easier" for US companies to create jobs at home.
Oh boy - its the 1930s all over again. It's protectionism in a different guise. However Obama might find that the only jobs created out of this will the the "800 extra federal agents" as all the American corporates make a dash for more friendlier , low tax, countries.
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2 comments:
Yes, the Americans (and countries like Ireland, etc) are in for a royal screwing with Obama. It didn't work in the 30's, it won't work now. Also Socialism is just not a fit for America, it operates much better when businesses are given freedoms, not restrictions.
Here's to hoping he's only a one term president...
Are you really that blind to ignorate that this is a good thing? You talk about the compagnies as if they were poor people who won´t be able to save money anymore by avoiding taxes in their own countries, and paying less than people really deserved elsewhere. I mean, talk about doing something good for a change. Not only those other countries will have a better chance with their own compagnies as those "poor helpless" american enterprises will provide more jobs for their people. Stop with this socialism nonsense. it s just common sense!!!
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