Administration Rolls Out New Tax-Shelter Curbs

[lame54]

http://crooksandliars.com/susie-madrak/administration-roll-out-new-tax-shelt (click link for video)
Administration Rolls Out New Tax-Shelter Curbs
By Susie Madrak Monday May 04, 2009 11:00am

From C&L:

This is quite interesting, not the least for the reason that the administration kept it under wraps. Guess they're anticipating the howls of pain from those high-rollers anticipating their tax increases!

WASHINGTON — President Obama presented a far-reaching set of proposals on Monday that are aimed at the tax benefits enjoyed by companies and wealthy individuals harboring cash in offshore accounts.

These steps, he said, would be the first in a much broader effort to fix a “broken tax system.”

Mr. Obama made the announcement in the Grand Foyer of the White House, standing alongside Treasury Secretary Timothy F. Geithner and the Internal Revenue Service commissioner, Douglas Shulman. His remarks echoed the sentiment he voiced again and again during the presidential campaign, when he pledged to crack down on "illegal overseas tax evasion."

The proposed tax overhaul, which will be fully unveiled later this week when the administration presents a more detailed budget, could help raise $210 billion in revenues over 10 years, the administration estimates.

... The president thus set up an unusually frontal clash with big business over the tax advantages enjoyed by companies with extensive overseas operations...

[bighart]

1. I wonder how many members of congress

are in serious pucker mode over this one.