President Obama and America Getting Tough With Tax Cheats

Apparently, President Obama has imposed tough new requirements on his officials and cabinet members: They must pay taxes.

This onerous rule has already sidelined or slandered a number of candidates or appointees for his critical posts. Many wonder if such strictures are a wise move, but it’s hard to quarrel when their jobs are about spending trillions of taxpayer dollars – a cause that some of these people have not made a contribution toward.

… Diane Francis in The National Post article US Protectionism Globally Destructive

US Protectionism Likely To Rise

Times are tough everywhere, but nowhere are they tougher than in the wallet of the United States of America where taxpayers are now on the hook for a trillion dollar giveaway to corporations in what is euphemistically called “a bailout”.

president-obama-barbadosThat money has to come from somewhere and one of the first messages sent out by President Obama is that all Americans and American businesses will pay their fair share of taxes. The Obama administration must, and will, stop the secret foreign economy conducted offshore by Americans who continue to live in the homeland but keep their assets and income hidden offshore.

The second message of the Obama Presidency is that America intends to stop being the world’s policeman and better look after things at home. While the world breathes a sigh of relief that the American bully cop will be seen less, the other side of the coin is an increase in trade protectionism. As the USA withdraws into a “look after the homeland” mode, smaller countries that don’t matter a whole lot to the United States (like Barbados) will find their offshore financial industries under increasing scrutiny.

Like the vast majority of people in Barbados, we at BFP supported (at least moral support) Obama’s bid for President. But we also understood that Obama will be no special friend to foreign nations, at least not at the expense of the United States. As we wrote in several articles, Senator Obama was a fierce opponent of the offshore banking industry in the Caribbean and he even sponsored several pieces of legislation that were directly harmful to Barbados.

So enjoy the moral victory and social progress represented by the election of a non-old-white-guy President, but hang on to your wallets friends because money is going to get tighter ’bout hey.

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11 Comments

Filed under Barbados, Business & Banking, Crime & Law, Offshore Investments

11 responses to “President Obama and America Getting Tough With Tax Cheats

  1. Doom&Gloom

    In today’s New York Tie:

    Betrayed by their bankers and leaders, Americans were desperate to trust someone when they made Barack Obama president. His debut has left them skeptical about his willingness to smack down those who would flout his high standards or waste our money.

    Companies that have gotten bailouts continue to make a mockery of taxpayers.

    Until it came to light Tuesday, Wells Fargo, which received $25 billion in federal funds, was blithely planning a series of “employee recognition outings” to Las Vegas luxury hotels this month.

    As ABC reported, Bank of America took its $45 billion in bailout funds and sponsored a five-day carnival outside the Super Bowl stadium, and Morgan Stanley took its $10 billion in bailout money and held a three-day conference at the Breakers in Palm Beach. (Morgan Stanley had also still planned to send top employees to Monte Carlo and the Bahamas, events just canceled.)

    The New York Post revealed that Sandy Weill, former chief executive of Citigroup, took a company jet to fly his family for a Christmas holiday to a $12,000-a-night luxury resort in San José del Cabo, Mexico. No matter that the company just got a $50 billion federal bailout and laid off 53,000 worldwide.

    The interior of the 18-seat jet, as described by The Post, is posh, with a full bar, fine-wine selection, $13,000 carpets, Baccarat crystal glasses, Cristofle sterling silver flatware and — my personal favorite — pillows made from Hermès scarves.

  2. Tony Hall

    Doom and Gloom,
    Don’t blame this one on President Obama. That was the first set of bail out money. Obama was not President yet. Be accurate.

  3. Doom&Gloom

    @ Tony Hall

    I’m not blaming anything on Obama. Yet. I’m giving him the proverbial “100 days.”

    The extract I posted is from Maureen Dowd’s column in today’s New York Times.

    http://www.nytimes.com/2009/02/04/opinion/04dowd.html

    I fear Obama is in for a hiding however. He’s treading on too many fat cat toes, much too soon.

  4. ace

    thompson care sumting bout dah ??

  5. Jay

    It is obvious the President would do something like this since here in the US things are becoming worse economically.Even for the once powerful Chinese economy,growth has been forecasted to be substantially lower.

    Just to elaborate on the tax issue,U.S. citizens & Permanent residents[Green card holders] are required to file taxes every year even if they hold another nationality & live there which includes Barbados.If a person fails to showcase that they pay taxes every year all of their possessions can be taken by the Government even if their primary assets are on foreign soil.I think this is going to be quite a big issue as the Obama administration looks to find new ways at getting the U.S. out of debt where most rich U.S. citizens hide their assets in countries who prosper as financial centres aka Barbados.

  6. Anon

    President Obama getting tough with tax cheats while the DLP administration writing off taxes for those who would not pay their taxes, namely the Barbados turf Club. Nineteen million dollars to be exact.

  7. Fredericka Janes

    In our small U.S. town, employers help Barbadians to obtain green cards so they can perform jobs for twice what they could earn at home and send much of their earnings to their Bajan families, who will spend the money on Bim. Meanwhile, locals on the U.S. ground stand on line for the non-existent jobs held by Barbadians at a U.S. state-funded job assistance center, while the U.S. federal government uses U.S. citizens’ tax dollars to extend their unemployment benefits.

    I love Barbados and Barbdians, but U.S. ‘protectionism’ is a complicated matter. The day Barbados begins employing jobless Americans, as America does Barbadians, is the day you will perhaps have an axe to grind.

  8. dogbitemuh

    I pray that one day you all will open your eyes. At this point though it seems hopeless. Is there anyone who is willing to know the real truth about President Obama and not continue to fall for the deception? Even if there is one then something would have been achieved.

  9. Vernon Jones

    Tell us, dogbitemuh. What is the real truth?

  10. J. Payne

    Things getting real tough right now inside the USA. A lot of Caribbean people I talk to talking about moving back… Today I hear on CNN a pack of Americans get so fet up they went and setup a little shanty-town on the front lawn of the CEO of Bank of America…. When he called the police according to one of the protester the officer told the protester that his sister too lost her house in one of those bad loans so he’s vex too…

    The good news is the Caribbean is doing realatively well… The Caribbean would have had it a lot worse if they had rushed and signed for all this Free Trade Area of the Americas and World Trade Organization and all the rest of those failed processes that were devised under this failed free market stuff. Argentina had it way worse than the Caribbean did once they sold away all their national assets to American companies and then ran out of things to sell.

  11. need help o shimon

    Well Madeoff made off with everybody’s money and living high on the hog in his high rise. He should be in jail.{ dog bite muh.}