Bailed Out Banks Among Top Panama FTA Pushers
One Step Forward on Tax Havens, a Few Steps Back?

Live-Blogging the Obama Tax-Haven Announcements

Check back at 11:05 am... will be reacting to the Obama administration's latest announcements on tax-haven crackdowns...

11:36am - okay, started off late

Geithner is speaking. He is being careful to say that only a few companies and individuals evade taxes through loopholes...

He is talking about reforming deferral, rather than eliminating...

Budget will add 800+ IRS employees to track these problems

Geithner mentions the G-20 statement, and how Switzerland subseq. agreed to change

They're sticking by the $210 billion over the next decade number, rather than Sen. Levin's $1 trillion figure.

Mentions how long Obama has campaigned on this...

11:39 am - Obama is speaking. "Nobody like paying taxes, but most American comply, because they know it's a cost of citizenship." some "are shirking their obligations, tax code was written by well-connected lobbyists."

He hits again that "small number" of individuals evade taxes.

"One of the strengths of our economy is the global reach of our companies... but the way that happens is not by making sure " that they're not avoiding taxes.

Corporations paying effective tax rate of 2.3%.

"These problems have been highlgihted by Rangel, Levin, Doggett, Baucus."

Cracking down on "illegal overseas tax evasion."

"For years, we've talked" about cracking down on these loopholes... for years, we've talked about cracking down on offshore tax havens..."

mentions Cayman Islands building with all the po boxes...

Closing loophole on corporations telling national tax authorities in various countries that they are paying taxes elswhere (i.e. FTC problem, I think)

IRS "needs more support." A new requirement will call on foriegn banks to file 1099's with U.S. Treasury... if they do not provide, will assume that they are helping U.S. taxpayers evade taxes.

11:45 am - returns to theme of middle class tax credits.

11:46 am - Okay, it's over. No questions.

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