Panama Trade Deal Would Undercut Efforts To Get Rich Americans To Pay Taxes
Sara Kenigsberg
HuffPost
First Posted: 8/9/11
WASHINGTON -- During a Monday press conference addressing Standard & Poor's downgrade of U.S. debt, President Barack Obama reaffirmed his commitment to raising taxes on the wealthy. But as he pushes to get the rich to pay more into federal coffers, Obama is also urging Congress to approve a trade agreement that would cement a key tax avoidance tactic deployed by some of the richest Americans.
"What we need to do now is combine those spending cuts with two additional steps: tax reform that will ask those who can afford it to pay their fair share and modest adjustments to health care programs like Medicare," Obama said during the address, referring to steps the U.S. should take in addition the cuts agreed to to raise the federal debt ceiling.
Just two days before, during his Saturday radio address, Obama urged Congress approve three trade deals, including one with Panama that would permit Americans to easily stash assets in the Central American country, a notorious tax haven for the wealthy and American corporations.
"It’s time Congress finally passed a set of trade deals that would help displaced workers looking for new jobs," Obama said, "and that would allow our businesses to sell more products in countries in Asia and South America -- products stamped with three words: Made in America."
(More here.)
HuffPost
First Posted: 8/9/11
WASHINGTON -- During a Monday press conference addressing Standard & Poor's downgrade of U.S. debt, President Barack Obama reaffirmed his commitment to raising taxes on the wealthy. But as he pushes to get the rich to pay more into federal coffers, Obama is also urging Congress to approve a trade agreement that would cement a key tax avoidance tactic deployed by some of the richest Americans.
"What we need to do now is combine those spending cuts with two additional steps: tax reform that will ask those who can afford it to pay their fair share and modest adjustments to health care programs like Medicare," Obama said during the address, referring to steps the U.S. should take in addition the cuts agreed to to raise the federal debt ceiling.
Just two days before, during his Saturday radio address, Obama urged Congress approve three trade deals, including one with Panama that would permit Americans to easily stash assets in the Central American country, a notorious tax haven for the wealthy and American corporations.
"It’s time Congress finally passed a set of trade deals that would help displaced workers looking for new jobs," Obama said, "and that would allow our businesses to sell more products in countries in Asia and South America -- products stamped with three words: Made in America."
(More here.)
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