Obama Tax Haven Plan Faces Opposition From Democrats

Obama’s Bid to End Offshore Tax Havens Faces Hurdle in Congress

By Ryan J. Donmoyer


May 5 (Bloomberg) -- President Barack Obama’s plan to end tax breaks for U.S.-based multinational companies drew a skeptical response from fellow Democrats on Capitol Hill, indicating that his plan may face obstacles on its path through Congress.

Senate Finance Committee Chairman Max Baucus, a Montana Democrat, called for “further study” of Obama’s proposals within minutes of the president’s announcement yesterday. Representative Joseph Crowley, a Democrat on the tax-writing House Ways and Means Committee, said he’s wary because the tax changes would hurt Citigroup Inc., his New York district’s largest private-sector employer.

Natalie Ravitz, a spokeswoman for Senator Barbara Boxer, a California Democrat, said that any tax overhaul should not lead to “unintended consequences.”

Other Democrats, including House Ways and Means Committee Chairman Charles Rangel of New York, support the proposal. Some lawmakers, including Iowa Senator Charles Grassley, the ranking Republican on the Senate finance panel, are still weighing the plan.

Obama proposed outlawing three offshore tax-saving strategies commonly used by companies such as Citigroup, General Electric Co., and Procter & Gamble Co. In doing so, he reignited debate about whether U.S. companies can remain competitive in world markets if they have to pay billions of dollars in taxes on foreign profits.

more...

http://www.bloomberg.com/apps/news?pid=20601070&sid=aaXFFJBizJtc&refer=politics

As a Liberal I believe firmly in supporting business, but with
fairness. I do not believe one supports business to the detriment
of the people.

I think we understand when Democrats are eager to call themselves
Pro Business Democrats,they are telling us exactly where their
loyalty lies. Not to Democratic Party, and certainly not to the
American People. They will vote to Assist Business everytime.

Conservative Pro-Business Democrats, for the most part do not
hide the fact.

It is their power in the party that makes me not very hopeful.

:shrug:

.

LA is the 3rd largest city economies in the world. Think about how many mega corporations are in CA - the entire entertainment industry, our biggest export. http://www.all-rankings.com/rank.php?r=88d1dd7dfe

I would look for Senators from more of the states from that list to diss this plan also.

when we were trying to stop the war, the patriot act etc... :sarcasm:

Not that Barbara didn't listen to us on war, but think about how many democrats didn't (Hillary Clinton, John Kerry etc...) and have been voting against their constituents desires more and more these past several years.

The notion that this government of ours is, for the people, by the people doesn't really exist, does it?

I think she will follow the money on this one.

HOPE and CHANGE worked out well in 2008, despite the naysayers and insider edge given to Obama rivals. Let's give Team O
a chance to twist some arms before we throw our hands up in defeat.

:wtf:

Does Boxer mean, like businesses paying what they REALLY owe instead of cheating on their taxes and essentially STEALING? Any one of us would have the full force of the law applied to us if we cheated on and/or simply refused to pay our taxes but it's apparently o.k. for businesses to avoid paying their taxes. Didn't the corporate whore media raise a hue and cry over some Obama nominee's tax issues oh so recently?

several eventual 'contests' between himself (and the popularity he enjoys) and not just the repukes, but some (if not all) of the dems who are actually standing in the way of what Barack perceives as being his agenda for change...

America wants leadership, and Barack seems to mine that vein with great ability...for example, i think Howard Dean functions MUCH more effectively OUTSIDE the White House...

i'm probably naive, but i think Barack is willing to take steps to get members of the Dem party either in line or out of the way...a serious gamble in the political poker game, but the only way to get to the 'full pot' of his plans...

It's good to be an optimist, like our President. BTW, that's a great photo. :thumbsup:

dog AND my cat doing on your bed???? WHen I left for work this morning, they were both at home. What happened? I ask that you return them IMMEDIATELY.

they wanted in, found a place to catch a nap, and are now moving all their stuff in...

they want to call a lawyer, but you are in luck...neither one can work the phone, and i'm not teaching them how to do THAT, or the next thing i know i'll be getting all kinds of COD pet products from all over the place...

he is recently adopted stray after all, but the dog? He would NEVER do that! Is yours a he, by the way?

Tennessee via Tampa about 5 years ago...

They're hearing from the Nation Chamber of Commerce and the Business Roundtable right now. The corporate lobbyists are on the prowl. The only way to counteract that noise is to make some noise of our own. The public seems to really approve of closing these loopholes, but we've got to make ourselves heard. Write. Phone. Email.

this.

IMO the problem isn't that corporations aren't paying taxes on money earned outside the US, but rather they are sheltering, abroad, money they have made in the US. I would be satisfied if the government closed those loopholes--and fulfilled the President's campaign promise to end tax breaks for those who ship jobs overseas. It would not be beneficial to tax money earned outside the country and would probably be nearly impossible to administer.

Unfortunately there will be those who are really trying to protect vested interests from
INTENDED consequences.

This corporate welfare gives us nothing in return.

From the bloomberg article:

Obama’s plan also would shift the burden of proof to individuals when the IRS alleges assets are being hidden in certain offshore bank accounts, the White House said in a statement.

Bullshit. Under our constitution and our system of justice, the burden of proof rests on the government, not the citizen.

:shrug:

You mean the big tent where everyday citizens go to get fucked?

Yup, THAT big fucking tent.

We have been excusing these DLC Democrats for too long, and now that we are in line to main real strides, they stab the American people in the back with glee. They do not deserve their jobs if they aid corporations in hiding their revenue from the tax man.

:shrug: