I’m not one to regurgitate news articles as blog posts but this one is relevent to the domain community.
The Wall Street Journal reported today that Obama’s administration is going to crack down on offshore tax avoidance in a big way.
Many domain companies, fortunately not my own, have setup offshore operations. I wouldn’t want to be them right now.
From the article:
“President Barack Obama will flesh out a proposal included in his February budget blueprint seeking to curb the practice of parking foreign earnings in offshore tax havens indefinitely. By some estimates, $700 billion or more in U.S. corporate earnings have accumulated in overseas accounts in recent years.
The plan to be announced Monday will go further. It aims to change the legal treatment of offshore subsidiaries and structures that companies have used to avoid not only U.S. taxes, but taxes in other developed countries as well.
In addition, the administration will strive to tighten rules that have encouraged thousands of Americans to open offshore bank accounts in an effort to duck U.S. taxes. The plan would increase information reporting and tax withholding as well as penalties, and make it harder for foreign account-holders to win cases in court. The administration promised new enforcement tools to crack down on tax-haven abuse.”
© 2010
I am anti-capitalism. I am anti-American. I am your President.
Watch me destroy your country.
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It’s about time.
If one is a U.S. citizen, one should pay his/her fair share of taxes. CNN reported that some fat cat companies pay only 2% taxes on their income.
The average US citizen pays 28 to 35%.
I knew there was a good reason why I voted for President Obama.
;=)
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Yes, this is a very significant proposal with implications on the future competitiveness of US business. It will be interesting to see it play out.
Hello folks
Im your president and my pre-election plans are down. But stay in love. Im now looking for some big enemy. Youll be surprised!
In folk we trust.
Your Barrack
@Ms Domainer: “Fair share” is the most arbitrary, ridiculous term ever invented. It is unquantifiable and completely subjective. There is no such thing as “fair share”. It’s a made up cover for the government stealing my income and yours. Do you know what your income tax pays for? It ain’t roads, bridges, schools and hospitals. It’s INTEREST payments on the national debt. In other words, the 30%+ they take of your income pays the interest on loans for tanks and welfare checks the U.S. government bought decades ago. Don’t fall into the “fair share” clap trap. Or, if you really think there is such a thing, I’ve got a unicorn to sell you.