An End to Tax Havens?
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A vast number of news sources have been covering President Obama's proposal to close tax loopholes and shut down corporate tax havens. Some examples of the coverage include:
The NY Times, Agence France Press, The Washington Post, Financial Times, Mother JonesBloomberg, The Huffington Post.
The full press release on Obama's proposal is online here.
Congress has been struggling with the concept of tax havens since I was literally in diapers. The discussion began at least as far back as 1961, with the Kennedy administration.
The devil is always in the details. You know the metaphor about laws and sausages. So we'll see what eventually comes of this proposal. My personal take is that tax havens often give the companies with the best lawyers and accountants an unfair advantage of companies with the best products. Closing the loopholes brings us one step closer to real tax reform.
Whatever your fiscal philosophy of government, it's hard to argue against a level playing field in which everyone pays under the same rules. Tax havens have circumvented that process for over 50 years.
Law | Greg Cruey | 05 May 2009 |
