Republicans block offshore tax clampdown by Obama
Leading Republican and American business groups voiced their disgust at the inevitable and unfair double taxing of US multinational companies by forcing them to pay tax to both the US Multinational companies by forcing them to pay tax to both the US and foreign countries – by removing the current provisions that protect against such circumstances with correct use of offshore tax planning for overseas subsidiaries.
Senate Finance Committee Chairman -Max Baucers, offered “there will be no prospect of easy approval” warning that a “study is needed to gauge the impact to US businesses.
Marty Regalia, Chief Economist of the US Chamber of Commerce – the business group representing millions of US business people, is urging both democrats and republicans to oppose the offshore tax changes.
It would therefore appear that Obamas’ attack on the offshore industry is not as widely supported as he would have us think and that the sweeping changes threatened at the recent G20 summit in London will get a much tougher reception than he wanted.
This entry was posted on Thursday, May 14th, 2009 at 1:40 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
