Going after companies and individuals who funnel money to tax havens in the Cayman Islands or Swiss banks is just one part of the proposal. Much of Mr. Obama's plan aims to limit what the president considers the tax avoidance of multinational corporations who use subsidiaries and foreign branches to avoid paying higher taxes in the United States.
The White House, in a release detailing the plan, said the current tax system "is rife with opportunities to evade and avoid taxes through offshore tax havens."
There's no essential sin in trying to pay the minimum tax one is entitled to. Also, nobody deserves to get fleeced.
But corprations have been getting away with sucking profits out of America for so much and for so long that, even though it's legal, it's un-American. And it's you, me, and every one we know (speaking for us proles, that is) that's paying for it – either through increased taxes or decreased services. Usually decreased services.
I don't know about any of you folks, but I get tired of sacrificing so that some "too-big-to-fail" corporation gets to have even bigger profits.
Legal tax reductions can be good. But just like you can actually get poisoned if you drink too much water too fast, too much of any good thing isn't eventually good at all.
Corporations have been making bank for a very long time now on a favorable business climate (so favorable, for instance, that Oregon will allow you to skive on out of here for a single $10 bill), and its time that they pitched in thier fair share to maintain the edifice that made their success possible.
It's past time, actually.
