Tuesday, March 3, 2009
You have to read this unbelievable story from the AP:
WASHINGTON (AP) - President Barack Obama's Treasury secretary says the administration will unveil a series of rules and measures in the coming months to limit the ability of international companies to avoid U.S. taxes.
Treasury Secretary Timothy Geithner told the House Ways and Means Committee on Tuesday that Obama will propose legislation to limit U.S. companies' ability to shelter foreign earnings from taxation in the U.S. He also said the administration will try to limit wealthy Americans' ability to use tax havens to avoid taxation.
He did not immediately provide details.
Geithner, of course, had failed to pay almost $30,000 in back taxes at the time of his confirmation as Treasury Secretary in the Obama Administration. So he's now the guy who is in charge of the IRS.
Timothy Geithner, international man of irony.