Long Overdue: Prez Obama is going after MNCs who Outsource and don't Pay U.S. Taxes:

[amborin]

"President Barack Obama has proposed a dramatic tax increase on the foreign profits of U.S. multinationals, in a 10-year budget blueprint released Thursday.

The tax increase on foreign income, taken together with proposals to crack down on offshore tax cheating, would swell federal coffers by an extra $25 billion a year in revenue by 2014, according to projections by White House budget officials.

The Obama BudgetThe budget plan would also impose a $31.5 billion tax increase, over a 10-year period, on oil companies, by repealing various tax breaks now enjoyed by the sector. In addition to that, Mr. Obama would reinstate Superfund taxes, raising $17.2 billion over 10 years, much of which is accounted for by excise taxes on oil...."

<snip>

<http://online.wsj.com/article/SB123566551506583891.html>

[aquamarina]

1. Good. Good. and Good.

[chomper]

2. Yes

It's about time.

[firedupdem]

3. Excellent! n/t

[bread_and_roses]

4. Yes, good and good and good. (n/t)

[Fire1]

5. Outstanding!!!!

[GreenPartyVoter]

6. Sweet! I've wanted to see this done for years now.

[Grateful for Hope]

7. While I think this is great news

I also wonder if the oil companies will just turn around and raise gasoline prices enough to offset the tax increases. Seems to me that they have gotten away with charging whatever they want for gas, so why wouldn't this practice continue?

[Thrill]

8. Another Promise Kept. This guy is beginning to piss off the repukes

[Triana]

9. GREAT stuff! Now if we can keep some DLC Democrats (and Repig corprat-welfare loving types)

from thwarting progress on this!!!