Obama to get offshore people with taxes
Obama will start to pursue offshore tax investments. This includes tightening the reigns on companies that are really US companies but offshore their headquarter. But also wealthy individuals who hide assets offshore.
For example, there are Insurance companies that are for all intensive purposes US companies, however, have their headquarters based in Bermuda. This has huge tax savings for the company, but lose for US taxpayers.
My take on this is, I like low taxes and small government. The government that governs least governs best. I am also not crazy about Obama. However, the law is the law.
Obama is right
However, if these are US companies and just offshore their HQs, why not pursue them. If they use the services of the US, but are off-shoring just for tax purposes then Obama should go after them. He is right in this. This is very unfair to citizens of the US. These companies and people use the goods and services of the US and enjoy the benefits of being American, but do not pay the taxes we all pay. Obama is right in pursuing these off shore tax paradises.
Off shore places of choice
The old world tax paradises use to be Switzerland, Luxembourg, etc. Then the next level were islands around Europe and America. Now tax havens are moving to places in Asia which are harder to pursue. Asia countries do not have the same laws and pacts with the US as European countries do for example. So for the rich hiding assets and income from the government seems to haven. However, I think in the future with globalization it will become harder. I think the issue is not hiding your assets but changing the laws to make taxes lower.
I live near the poverty level. I am a programmer and have not sold my products yet, and live as an expat. I also have a family. However, I not only pay taxes in my host country but the USA. I love full time in another country and even a dual citizen, but pay taxes in both countries. US citizens are not exempt from taxes even if they are expats or dual citizens. You or I can oppose the idea of taxes but you better pay. I think it is very unfair that the rich fat cats hide income and assets and me who works all the time, and at the poverty level with a family, pays. Therefore, I am glad the US government is going after tax cheats, even though I do not like Obama.