Tax dodges not enough, big business wants tax holiday on $1 trillion

Cartoon by Martin Rowson for the British political zine, Tribune via

At the White House on Dec. 15, business executives asked President Obama for a tax holiday that would help them tap more than $1 trillion of offshore earnings, much of it sitting in island tax havens.

Executives including John T. Chambers of Cisco Systems Inc. say a tax break would return a flood of cash and boost the economy.

Their greed and piggishness knows no bounds.

You will be stunned to learn that Obama, who sternly campaigned against such offshore tax havens, promised to follow up on their request. US tax laws are already filled with juicy loopholes allowing large corporations to move profits offshore, deferring taxes, then use foreign tax credits to offset US tax when they move they money back. But that’s not enough for the CEO greedheads, they now want a tax holiday

In related news, HuffPo reviews Jonathan Alter’s ‘The Promise’, which deals with the dysfunction in the White House over economic policy. Among the tidbits.

‘Week after week, Rahm would say, ‘Let’s explore this’ or ‘How about that?’ and Larry [Summers] would slow-walk everything,’ recalled one senior advisor. ‘He basically doesn’t believe in the government helping small business’.”

There you have it. Summers was a primary architect of the economic disaster, yet Obama hired him as an adviser where he continues to plunder for the already wealthy.

Based on this, and a previous report than Rahm wanted to counter-attack against Republicans but was overruled, I’m revising my opinion of him. He may have been far more progressive – and willing to throw a punch back – than most of us had realized.

Did Rahm leave willingly from the White House or was he pushed?


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