Obama to cut taxes by raising them
The Obama administration is about to unveil reforms to the nation's international tax code designed to close loopholes for overseas tax havens and end tax incentives for creating jobs overseas. The White House plans to raise $103.1 billion dollars by targeting companies that use loopholes in the law allowing them to legally avoid paying billions in taxes by removing tax advantages for investing overseas. It also hopes to raise $95.2 billion dollars from wealthy individuals by cracking down on overseas tax havens. The money will be used to help make a tax credit permanent, the officials said.
The administration expects these initiatives to raise at least $210 billion over the next 10 years "to cut taxes for American families, increase incentives for businesses to create jobs in America, and reduce the deficit." Notice how every new tax coming down the pipeline is described as being good for us? The trouble is that it all sounds excellent until the companies being taxed decide to either pass on the tax to us, or pick up their marbles and move overseas themselves. And frankly, when we're told that new taxes are to help us pay fewer taxes, we know we must be through the looking glass.
www.TexasHomesAndLoans.com and www.RealEstateMagician.net
Carlos Salinas
"Real Estate Magician"
