Obama to Hire 800 IRS Agents go after Corporate Tax Shelters/Cayman Islands

[Stinger2]

Obama to Hire 800 IRS Agents go after Corporate Tax Shelters/Cayman Islands

IRS to Hire 800 New Agents as Obama Declares War on Multi-National Corporations and Offshore Tax Shelters

President Obama announced an overhaul of the tax code to “detect and pursue” U.S tax evaders and go after their offshore tax shelters.

http://www.taxresolution.com/blog/irs-to-hire-800-new-agents-as-obama-declares-war-on-multi-national-corporations-and-offshore-tax-shelters/

Inheritance Tax: Grateful heirs on money never taxed in the first place, USA Lost Revenue, $1 Trillion

On the other side of the ledger there is this: A repeal of the estate tax would cost $1 trillion over the first 10 years of extension.

http://www.seattlepi.com/opinion/268078_estated.asp

All those Corporate Media Channels looking out for Corporations and Wall Street that helped drain tens of billions out of America are now complaining they will have to pay tax on stolen money, Ironic comes to mind.

[Warpy]

1. This would have been done 10 years ago

had Phil fucking Gramm not been protecting the offshore conduits Enron was using to hide losses and launder stockholder money.

[Stinger2]

3. Oil speculation: Enron Loophole worked to Screw Americans out of $Billions

Oil speculation: Enron Loophole worked to Screw Americans out of $Billions


Too big, too lax The problem is that the futures market has gotten so big, and the trading rules in the markets so lax, that it's not easy to dismiss the speculation theory.

The infamous December 2000 "Enron loophole" is the topic du jour in Congress. That legislation didn't just make it easier for savvy traders to buck the system. It exempted entire over-the-counter electronic exchanges (where trading takes place directly between parties, without an intermediary broker) from regulatory oversight by the Commodity Futures Trading Commission

http://money.cnn.com/2008/07/07/news/economy/oil_prins.fortune/index.htm?postversion=2008070709

This is what happens when the rich make and write the rules, we get screwed…………..

[santamargarita]

2. He will need more that 800 agents...

to take care of 8 years of Bush letting them get away anything

[get the red out]

4. Wonderful

This is a very long time in coming. I absolutely have no idea how Republicans can keep pretending that they care one bit about this country, they rob it and its people blind as a past time; then go off and enslave people all over the world. Greed beyond comprehension.

[madrchsod]

5. every forensic accountant in the usa is jumping for joy !

[Demeter]

6. 800 People With Job Security

they'll never run out of work.

[ProgressiveProfessor]

7. Wrong approach...fix the tax code first

[Stinger2]

8. Fix Phil Gramm act and Enron Loop Hole will be a Great Start for tax reform

[ProgressiveProfessor]

10. Too simplistic with unintended consequences. A total rewrite is needed

[Adsos Letter]

9. Will they hit the beaches in landing craft?

That would make for an intersting spectacle.

[ProgressiveProfessor]

11. What makes anyone think they will do any good any time soon

The IRS will have to:
- Hire them
- Train them
That is a year (at least)

Next they have to find some potential wrong doing.
- Audits
- File complaints
- Fight it in tax court
There is another 2-4 years

Not sure there will be a significant payoff

[DUlover2909]

12. I'm not sure of your numbers, but we've got to start somewhere.

We wouldn't have the debt that we do if somebody had done this sooner.

[ProgressiveProfessor]

13. Right answer is to redo the tax code from the ground up

Right now it is so complex that *no one*knows it all and changes especially major ones have many unintended consequences that they make things worse not better.

I am NOT supporting the "Fair Tax" but a simpler progressive tax code. The key problem with that it is that pols will have to stop using the tax code as a way of implementing social policy.