Geithner: Obama to fight international tax dodgers
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.
Separately, Obama had this to say about the stock market:
"What you're now seeing is profit and earnings ratios are starting to get to the point where buying stocks is a potentially good deal"
I'm no CFA, but even I know there is no such thing as a profit and earnings ratio, let alone multiple "profit and earnings ratios" . I know that the very useful price to earnings (P/E) ratio exists, but a profit to earnings ratio? No such thing. Perhaps it was just a gaffe, and he really meant P/E ratio. I would give him the benefit of the doubt if I thought that he actually knew anything about finance or wealth creation. But as a self described community organizer and a lawyer to boot, I will assume he is as well-versed in finance as the rest of his cohort. By that I mean he only knows how to take wealth from those who create it and give it to those who do not.
By the way, WTF is the President of the United States of America doing making a market timimg call in the first place?
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