All Talk and No Action on Tax Reform Gives Time to Wealthy to Move Their Money Offshore or at Least to the Basement

Posted on December 10, 2011

Obama’s inability to deal effectively with the crooks on Wall Street from the first “payout” to save them was the beginning of the end for tax reform.  What would Soros say were  he to hit this group or the remainder of the 1% with heavy taxes?

It is not just the Republicans who have slowed progress to effective tax reform.  There are few who do not want it.  Republicans are absolutely maniacal about reducing the deficit and would, if push came to shove, eliminate loop holes in the current code that would make sense.  Understandably they support job creation from the perspective of those with money to create them.  Tax reform that, therefore, rewarded job creation permanently rather than in the short-term might convince Democrats that some kind of a hat tip to corporations and small businesses may be justified if locked in this way.

All that is certain is that no matter who you blame for the delay in producing effective and agreed upon tax reform, the delay has given ample time to the top 1% income people to move their assets off-shore.  The US cannot tolerate any more “outsourcing.”  That is money lost for jobs.

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