Obama just finished making an announcement that will affect us all profoundly. He has finally declared war on those tax cheating large corporations and billionaires who have hidden their money in off shore tax havens.
Even better, he is going to take the savings from that, and put it into things like research and development, here at home.
Watch the video here.
One of Bush and the GOP's dirty tricks over the last few years when they couldn't weaken tax laws against their corporate cronies was to simply fire all the smart IRS investigators who would look for billionaire tax cheats and off shore tax havens. Obama will hire more than 800 new IRS investigators whose sole job will be to investigate this type of tax cheating, which is a great start at reversing that trend.
Obama mocked office buildings in the Cayman islands with over 12,000 HQ's within their walls. Can you imagine 12,000 different large corporations with their headquarters in one single building? Either that's a really big building, or the people in charge of our largest corporations are really small. Or, maybe there's a lot of tax cheating going on there. Obama announced today that he will bring an end to that practice.
Obama said in 10 years we might get 200-250 billion dollars back just by making a few changes. He said his budget would take that money, and use it to pay down the debt, as well as for R&D, domestic job tax credits, housing tax credits, and education tax credits. That's a far better use of the money, in my opinion, than having it just sit, gathering mold, in the basement vault of some Swiss bank.
This day marks a change in policy that will have a major effect on this economy. It will be long past, in the next few years, when things just get better... Many people will not know why things are getting better, but let me just say, putting money into R&D, where it will create all sorts of new technologies and markets--alone--is enough to completely turn around the economy. But when you take the drain away on the economy of these billionaire leeches absconding with our money as they have been for the last few years, we will immediately feel stronger.
Steps like what Obama did today are what it takes to make an economy excellent, and not just okay. So do not forget this day, because it will take years for it to have its full positive effect.