Those With Accountants and Lawyers Can End Up Paying No Taxes - Obama
WITH Income Tax raids on Bollywood actresses, Income Tax Lawyers and CAs are in great demand in Mumbai.
Even US President Obama believes that lawyers can get you out of taxes. In his State of Union Address last week, Obama said, “ over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change. So tonight, I'm asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years - without adding to our deficit. It can be done .”
Obama also observed,
++ China and India realized that with some changes of their own, they could compete in this new world. And so they started educating their children earlier and longer, with greater emphasis on math and science. They're investing in research and new technologies.
++ Recently, we signed agreements with India and China that will support more than 250,000 jobs here in the United States.
++ We've reset our relationship with Russia, strengthened Asian alliances, built new partnerships with nations like India.