May 8, 2009 01:51 PM | Permalink |
On May 4, President Obama proposed several measures to address overseas tax avoidance and tax evasion. The proposals are steps in the right direction but could be far stronger. (See CTJ’s description of the measures for more technical details.)
While the President’s proposals are relatively modest, the corporate community claims that these measures are unfair and would limit economic growth in America.
The corporate lobbyists and spokespersons are wrong. Here are some of the frequently repeated myths, and the actual facts, about offshore tax abuses and what the President and many lawmakers want to do about them.