Tax Evader Announces Crackdown on Overseas Tax Loopholes

Well here we have the tax evader himself, Treasury Secretary Timothy Geithner, announcing the crackdown on a legal tax loophole for U.S. businesses overseas. Isn’t the reason that businesses move overseas is because they have been taxed out of the country? It cannot be stressed enough, these companies are operating legally.

Obama has said the government is hiring nearly 800 new tax agents “to detect and pursue American tax evaders abroad.” How much will this cost?

The President claims his plan will generate $210 billion over 10 years. So here’s the question: will closing this loophole and providing a new windfall ease the tax burden on middle class America? The answer is no. The government will continue to find ways to waste additional money and money that it does not even have.

This plan has the potential of crippling U.S. businesses, hurting job prospects and creating job losses. And who does this really affect? That’s right, once again, the average Americans that the Democrats lay claim to being the defenders of.