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Obama to tax our US firms

President Obama moves to capture lost tax from US multinationals - Times Online

Mr Obama said yesterday that he would close provisions in US tax law that allowed companies to defer the payment of tax on profits made at their overseas operations as long as the profits were ploughed back into the foreign business. He said that this encouraged companies to expand their operations outside America at the expense of US jobs.

Bad news for London, worse news for Dublin but worst for the the US as the money grabbing system tries to squeeze every pip out of enterprise. So much for him being an international superstar as he retreats into isolationist socialism.

Comments

I don't think this should have come as surprise to anyone who took 5 minutes to listen to the guy speak. More worrying is the national service they are trying to bring in over their as it won't be long before we copy them.

He already effectively ended the rule of law int he Chrysler restructuring to payoff the unions. He got the public to buy it by painting the bond holders as the "rich"(never mind the number of retirement plans these investors represented). I can't believe that at a time when Britain is finally going to remove a Labour government after twelve disastrous years, we in America just installed one. Helps to explain why Daniel Hannan is so popular amongst the grass roots, conservatives and libertarians over here.

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