Daily Archives: May 5, 2009

McGovern Warns Obama of LBJ Legacy

In 1964, President Johnson said of Vietnam that “I don’t think it’s worth fighting for, and I don’t think that we can get out. Its just the biggest damn mess I ever saw.” Yet Johnson escalated the conflict and America became bogged down in Southeast Asia for more than a decade. Former Senator George McGovern recently sat down with ANP and said that President Obama runs the risk, like Johnsons Great Society, of hobbling his ambitious domestic goals if he continues to send troops into Afghanistan.

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Filed under Afganistan, American News Project, Barack Obama, Financial crisis, George McGovern, Iraq, Lyndon Johnson, Veitnam

Obama triggers tax fight

The Hill – Leading the News 
By Walter Alarkon and Sam Youngman

President Obama launched a high-stakes fight with big business Monday, calling for changes to the tax code that could raise taxes on U.S. multinationals by $210 billion.

Obama described the tax system as broken, adding that it is filled with loopholes written by corporate lobbyists that provide incentives for shipping jobs abroad.

“It’s a tax code full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,” Obama said.

The administration’s proposals could mean a tax hike of anywhere from 8 to 15 percent for U.S. corporations, on top of a base corporate tax rate that is already high for an industrialized country, said Clint Stretch, a tax expert for Deloitte Tax LLP.

“It doesn’t take some kind of rocket scientist to figure out that really can’t be very good for American businesses from a competitiveness point of view,” Stretch said.

The crackdown on corporate tax incentives is the latest move by the administration to squeeze big business. The president, who had taken heat from the left for continuing unpopular bank bailouts initiated by the Bush administration, has since called for restrictions on executive pay, the firing of General Motors CEO Rick Wagoner and a reorganization of Chrysler that offered a better deal to unions than a collection of hedge funds and investment banks that owned debt from the troubled automaker.

The tax proposals are a frontal assault on U.S. multinational companies, which are expected to engage in an aggressive lobbying and public-relations campaign to fight them off.

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Filed under corporate loopholes, leading the news, tax code, tax policies, The Hill, U.S. multinational companies