by Thomas A. Alston, President of Aero & Marine Tax Professionals
Here is the story:
Recently the White House proposed changes to international tax rules for corporations that would eliminate overseas tax havens and get U.S. companies that earn money internationally to pay their "fair share." Or as economist Larry Kudlow put it, "Obama unleashed yet another attack on international businesses, essentially calling them unpatriotic tax cheats even though they abide by existing laws."
Included in the reform proposal is a curb on corporations' ability to park international earnings overseas and avoid U.S. tax, a change of the legal status of international subsidiaries, and the addition of 800 employees to the IRS to target companies and individuals who use tax havens. "Closing these loopholes and investing the money in American jobs will help millions of American families regain some of the economic security they lost in recent years," said Rep. Charlie Rangel (D-NY).
It's hard to understand why the politicians don't see that the changes will do just the opposite, but when you consider the proposal is backed by the likes of Rangel and Treasury Secretary Timothy Geithner, who are admitted “tax cheats” it's almost possible to appreciate their skewed view of the situation.
Here is the truth:
This matter of using the laws as they are written was decided by the Supreme Court in 1934. In our continuing effort to keep you informed of the truth about taxes, the following excerpt is very important to your survival. No one should feel guilty about exercising their legal rights.
“Over and over again the courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible.”
Our mission statement at Aero&Marine Tax Professionals is to uphold and defend the following court ruling:
“The legal right of a taxpayer to decrease the amount of what otherwise would be his taxes, or altogether avoid them, by means which the law permits, cannot be doubted.”
SUPREME COURT OF THE UNITED STATES
GREGORY v. HELVERING
293 U.S.465; (1934)
While some misguided politicians and uninformed public may clamor about “loopholes”, the truth is our firm defends your rights to legally avoid taxes and will continue to fight for the rights of all citizens to minimize the taxes they pay. The service we provide is more than legal! Judge Hand said it best.
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.” FEDERAL APPELLATE JUDGE LEARNED HAND
The above statement is our operating basis when it comes to defending taxpayers. Maybe politicians should enforce the existing law to collect “fair share” before they decide to change the rules to attack a specific group of citizens operating within the law.
Source: http://www.ArticlePros.com/author.php?Thomas Alston
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