Center for Freedom and Prosperity Foundation
For Immediate Release
Tuesday, July 21, 2009
Center for Freedom and Prosperity
Brings Light to Obama’s Dishonesty on Tax Policy
(Washington, D.C. Tuesday, July 21, 2009) The Center for Freedom and Prosperity Foundation (CF&P) today released a new video debunking the outlandish and mendacious rhetoric that President Obama has used to attack low-tax jurisdictions. The video, entitled “President Obama’s Dishonest Demagoguery on Tax Havens,” examines the President’s assertion that targeting so called “tax havens “will generate $100 billion in tax revenue each year by reducing illegal tax evasion. However, the video’s narrator, Dan Mitchell of the Cato Institute, points out that the White House now claims that the President’s international tax plan will only generate $8.7 billion over a ten year period.
The video also reviews President Obama’s accusations that the Ugland House building in the Cayman Islands is a vehicle for “tax scams” simply because thousands of businesses are registered at the same address. But as explained in the video, a company’s legal address generally has no relation to where it is headquartered or where it conducts most of its operations. Indeed, the video shows a building in Delaware – smaller than Ugland House – that is legal home to more than 200,000 companies.
“The Center put together this video because tax competition is a serious subject deserving honest debate,” said CF&P Foundation President Andrew F. Quinlan. ” The fact that the President feels compelled to dissemble and exaggerate indicates that he recognizes that his attack on tax competition, fiscal sovereignty, and financial privacy is unjustified on a factual basis.”
Politicians who like higher taxes would like to shut down so-called tax havens so they can set up an “OPEC for politicians” and implement higher tax rates. Yet since all the evidence shows that low-tax jurisdictions are very beneficial for the global economy, the politicians often resort to dishonest demagoguery. This educational video from the Center for Freedom and Prosperity debunks President Obama’s two most common smears against tax havens.
The following are the links to other CF&P Foundation videos including Tax Competition Primer, Global Flat Tax Revolution, Cutting the U.S. Corporate Income Tax, Promoting Prosperity, Obama’s So-Called Stimulus, Obama’s Deferral Proposal, Case Against Class-Warfare Tax Policy, a three part series on the Benefits of Tax Havens and a another three-part series on the Laffer Curve.