Cracking down on tax sheltersNo, they're not.
A chill breeze is blowing through offshore tax havens, and the U.S. Chamber of Commerce is not pleased.
Following through on a campaign pledge, President Obama announced plans to target overseas tax shelters and bring in an additional $190 billion or so in tax revenue over the next decade.
A chamber economist decried the proposal. "The U.S. multinationals employ millions of American workers," said Martin Regalia, chief economist for the group. "If you make the parent companies less profitable, you're not going to create more jobs."
But Obama's proposals are sensible and fair. [link]
Unless you consider two countries taxing the same profits (as will be the case in certain circumstances) "fair." And unless you think corporations that can move offshore lock-stock-and-barrel (as thousands have already, to places like China) "sensible."
The president would have done his country a favor by lowering the crushing tax rates this country has imposed and keeping those corporations here. But then that would have been too ... sensible.