President Obama is headed to a meeting with world leaders in Ireland where he will use his community organizer skills to attempt to persuade them to change their tax laws so there’s no competition among nations. I guess he wants to make it so there’s no place to escape high taxes.
The Daily Caller has the details.
President Barack Obama will use next week’s G8 meeting to organize a community of governments to minimize companies’ legal use of foreign tax laws, according to an aide.
“The president has been focused on international efforts to reduce what is legal tax avoidance, when companies legally use loopholes that exist in our laws and other [countries’] laws to reduce their tax liability,” said Caroline Atkinson, a former spokeswoman at the International Monetary Fund, who is now his deputy at global economic summits.
“We want to avoid tax competition turning into a lose/lose proposition, where counties not only lose revenue but companies make inefficient decisions by locating where they pay the lower taxes or shifting their profits to the lower taxes rather than where it is most productive for them to invest and produce,” Atkinson told reporters at press briefing on Friday. ….
By leveling tax rules, governments would restrict companies’ ability to avoid paying high taxes to the governments where the companies’ facilities are based.
The strategy would transfer billions of dollars from shareholders and investors to governments.
The Treasury Department is already trying “to ensure [international] tax evasion is detected and punished,” Atkinson said.
Isn’t that lovely? They want to punish those who look out for their best business interests, and some of those they want to punish helped to get Obama elected.
Read the whole thing. Michelle Obama is also going along, so this trip will probably be quite costly to US taxpayers.