In his statement before the House Ways and Means Committee on Tuesday, March 3, and before the Senate Finance Committee on Wednesday, March 4, Secretary of the Treasury Timothy Geithner outlined the Obama Administration’s budget blueprint.
One of the key “revenue provisions” he elaborated on was the effort to double-tax income earned overseas by U.S. companies:
The Budget also seeks to “close the “tax gap” by tackling tax shelters and other efforts to abuse our tax laws, including international tax evasion efforts.
The Budget addresses the use of offshore structures and accounts by U.S. corporations and individuals to avoid and evade U.S. taxes. …
Says Grover Norquist, president of Americans for Tax Reform:
Not only is it ironic that a man who has admitted to underpaying taxes -like a series of other Obama appointees who by the vice president’s standards were being unpatriotic -” now wants to target the “tax gap. It is also humorous that Tim Geithner’s ‘negligence’ fell in the area of international tax rules – the very area of taxation he is now targeting. Geithner is not only dead wrong, he has zero credibility on this area – after all, those who live in glass houses shouldn't throw stones.
