The Panama Papers have so far exposed a lot of Hollywood liberals and statists in foreign countries using the Panama tax shelters but our president has found a way to blame Capitalism and corporations.
Barack Obama weighed in on the Panama Papers which have unraveled a web of corruption by his statist buddies throughout the world who steal from their people and then take a great deal of money for themselves. It also showed that corporations are legally using corporate inversions.
The lame duck president is opposed to Capitalism except when he can use it to benefit his cronies. He likes it as much as the Chinese government likes it and in the same way. He was out demonizing corporate inversions again today, insulting the GOP candidates, and worst of all, blaming Capitalism for the sins of his Socialist comrades abroad.
The Panama Papers exposé is a 2.6 terabyte massive leak of confidential documents which outted an international web of individual and corporate finance, corruption, and tax avoidance.
The people exposed for corruption to date are communists, socialists, and whatever else the elite statists call themselves these days. People who use it for tax shelters are abiding by the law.
Barack Obama went on TV Tuesday to blame the entire affair on ‘loopholes’, Capitalism, and Republicans.
He likes to call corporate inversions “loopholes”. They aren’t loopholes, but rather they are legal avenues for corporations to avoid the misguided socialist tax system which is forcing US corporations out of the US.
Corporate inversion is one of the many strategies companies employ to reduce their tax burden. One way that a company can re-incorporate abroad is by having a foreign company buy its current operations. Assets are then owned by the foreign company and the old incorporation is dissolved.
Why should companies pay one of the highest corporate tax rates in the world when they legally don’t have to? They are trying to make money – it’s Capitalism. They do pay taxes, just not as much. The cost of doing business in the US is prohibitively high.
Obama’s speech Tuesday was an attack on the rich, on corporations, and finally on Capitalism while ignoring the theft by his statist friends or the hypocrisy of the limousine liberals in Hollywood.
The leak comes from the Panama law firm Mossack Fonseca and was shared by an anonymous source with a German newspaper who then shared it with the International Consortium of Investigative Journalists (CPI) on Sunday.
CPI is funded by George Soros who is a socialist and one has to wonder what else will be exposed and if this isn’t intended to hurt Capitalism but that’s merely supposition based on a reasonable distrust of George Soros and his minions.
Obama announced new Treasury rules to stop corporate inversions but he is keeping his high tax rates. You can find a good essay on this at CATO.
Pharmaceutical firm Pfizer’s $160 billion merger with fellow drug giant Allergan is off, after the Obama administration revealed the new rules designed to undercut this type of tax inversion deal.
They would have paid one-third the taxes under this deal. In the end, the consumers will pay the price.