Obama is really taking it to those greedy capitalist fatcats by ending "illegal overseas tax evasion." Foreign banks will be forced to send 1099 forms to the IRS for US depositors or else Obama "will assume they are sheltering money and act accordingly." And since there is currently a huge budget surplus, Obama has decided to spend some more of the extra cash collecting dust by hiring another murder (+/- 800) of highly competent IRS auditors.
Good thing the camera had zoomed in on Obama as else one may be able to watch TurboTaxTim's (T3) face during Obama's diatribe on tax evaders.
Perhaps one point that would have been worth mentioning is the staggering amount of Net Operating Loss Carryforwards which US companies have managed to accumulate over the past year due to the massive drop in GAAP earnings. Thanks to existing accounting rules, it is fairly certain that companies will be able to take advantage of these and not pay any taxes not only in Switzerland, but in the US (both federal and state) for the next 10-15 years.
hat tip Richard.
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