US budget hits tax havens

| 25/02/2009

(Huffington Post): As part of the budget that he will introduce this Thursday, President Barack Obama will call for the closure of tax havens that allow companies to pay greatly reduced tax rates, an administration official tells the Huffington Post. The inclusion of "funding for a robust portfolio of IRS international tax compliance initiatives" could help Congress make up an estimated $100 billion of revenue that is lost when companies set up what are often PO box addresses in locales like the Cayman Islands. Go to article

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Category: Business

Comments (4)

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  1. Tim Ridley says:

    The details have yet to be finalised, but it is interesting that the rhetoric from the President has  been toned down. Self-interest on the part of the US may yet produce results that are less damaging to legitimate offshore centres such as Cayman than the invective might suggest. But there is much to be done by us to secure the continued success of our financial services industry. 

  2. Anonymous says:

    Of course they are not on top of this major issue!  They are busy trying to sell the new constitution and garbage bill of rights in order to secure a reported 4,000 votes from christian voters. 

  3. Anonymous says:

    It would be really comforting to think our leaders were on top of this issue. Do we have a back-up plan to the whole tax haven thing?

  4. Anonymous says:

    How come CNS took down the article with the EU 8 including the UK, agreeing to taking a hard tance against tax havens ( can’t remember the exact quote.)

    CNS: I think the link you’re looking for is further down in the Business section