In an effort to keep a campaign promise, the Obama administration states it will now attempt to close tax loopholes that have allowed corporate America to evade taxes by investing overseas.
This could be a giant first step in regaining our economic status we once held that has been greatly diminished by many years of congress doing what was in their best interest as far as the lobby groups are concerned. It will do no less than keep it from sinking any further, but can it be done ?
The President will face a challenge to this from his own party as well as the republicans as it is “CONGRESS” who was the great enabler here and the same lobby’s that promoted this stuff will stop at nothing to do no less than water this down when it comes to the wording of this after they pass it and claim some kind of victory for the people. That is how this tax heaven got there in the first place !
I wish Obama the best on this but it is a common occurrence with every good intended legislation in the past 25 years. So keep your eyes on the prize. The final legislation after worded out by a committee/sub committee.
I also find this a good early indicator. For what you say? Watch who is keeping their mouth shut on this one till the final vote. It is likely you will find out just who is in your corner. Those opposed would find this a very hard issue to speak out against as it is a popular issue. Unless they can find some little ideal in proposed wording to speak against it as I’m sure they will find something even if they have to plant it themselves.
Be sure it is not a MOOT ISSUE and if it is not, ask yourself just who is responsible for the wording that the congressman is opposed to? You may find the other half of the folks who are not on your side.
It stands a good chance of creating some very good economic activity if it passes the way the Obama Administration wants it to as there will be a rush to bring back corporate profits to the U.S. before it can be taxed as the legislation will do. And what is more important, it will keep future money from developing other nations instead of ours.