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Offshore Crackdown To Pay For Obama's Middle Class Tax Cuts,
by Leroy Baker, Tax-News.com, New York
Wednesday, December 19, 2007
Democratic presidential hopeful, Barack Obama has reiterated his pledge to crack
down on companies with operations in offshore jurisdictions, to pay for his commitment
to give tax relief to America's middle-class taxpayers.
Senator Obama outlined his plans at a town hall meeting in Iowa earlier this
week, where he promised to rectify a perceived imbalance in the tax code that
he believes favors the wealthiest companies over the interests of working taxpayers.
"I'm in this race to take those tax breaks away from companies that are
moving jobs overseas and put them in the pockets of hard working Americans who
deserve it, and I'm the only candidate in this race to introduce a middle-class
tax cut that will give 95% of working Americans a break," Obama declared.
"We don't need any more tax breaks for the wealthiest corporations who
didn't need them and didn't ask for them - it's time to give a break to working
folks so that we put the American Dream within the reach of every American once
more. That's why I'm running for President," he added.
Obama's plan would provide relief for the middle class and seniors by eliminating
federal income taxes for those making less than $50,000 a year. The plan also
includes a new "Making Work Pay" tax credit of up to $1,000 for America's
working families, a new universal mortgage interest credit that would benefit
low and middle-income homeowners, and proposals to simplify tax filings so that millions
of Americans can do their taxes in less than 5 minutes, supposedly saving taxpayers
up to 200 million total hours in completing tax forms, and up to $2 billion in
tax preparer fees.
However, core components of Obama's five-point tax plan are proposals to close
corporate 'loopholes', crack down on "international tax havens", close the carried
interest loophole, and increase the dividends and capital gains rate for the
top bracket. These will effectively pay for his personal income tax
cuts.
Obama says that he intends to punish any company which has dealings offshore,
and to create a new blacklist of tax havens which refuse to share information with
the US, to be known as the 'International Tax Evasion Watch List'. He said that
"economic pressure" should be brought to bear on those territories
that refuse to comply.
"Our tax code is riddled with loopholes and special tax breaks that benefit
Washington special interests," states Obama's tax plan.
It continues: "There are corporate carve-outs that serve no national purpose;
tax breaks that allow companies to stash
their profits overseas; a government that’s paralyzed when dealing with
offshore tax haven countries; an overloaded tax code that’s too complicated
for ordinary folks to understand, but just complicated enough to work for someone
who knows how to work the system."
"When big business doesn’t like something in the tax code, they
can hire a lobbyist to get it changed. But nobody lobbies for working people.
Instead of honoring that core American value – opportunity for all –
we’ve had a system in Washington where our laws and regulations have carved
out opportunities for the few," it concluded.
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