Using spies, Germany to bust an illegal tax haven -- and we learn a bit more about Barak Obama

I wish the U.S. would do something like this. Gathering up all the tax money that is avoided by funneling funds through The Bahamas would be a nice start. Near the end of the article, the British journalist complains about their government not taking similar action at Isle of Man, their closest and most notorious tax haven.

Now, check out this quote from the end of the piece, which I found quite heartening:

Still, it is worth noting that a then relatively obscure senator from Illinois co-sponsored Levin's Stop Tax Haven Abuse Act and said that 'we need to crack down on individuals and businesses that abuse our laws, so that those who work hard and play by the rules aren't disadvantaged'. His name was Barack Obama.

Now ain't that dandy.

I've long felt that there were multitudes of ways to increase income and decrease spending at the Federal and State levels without raising taxes. Taking decisive action against the individuals and corporations that avoid billions in dollars of taxes each year through offshore accounts like those discussed above would be a good first step.

If you want an education on the problems with U.S. tax policies and the upper upper super upper class -- check out the fantastic book Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and CheatEverybody Else. This isn't some conspiracy wingnut author either, he's a twice-over Pulitzer-prize winner.

[via Babs]

Enjoy learning about possible solutions, even if they are pipe dreams at this point,

Bp