Obama Plans to Close "Tax Loopholes"

Obama has come up with yet another brilliant plan! (note the sarcasm) He has decided that the "evil" corporations are not paying their "fair share" when they do business in America but choose to keep their earnings in accounts outside of the U.S.'s tax jurisdiction. A plan so that:

"companies would not be able to write off domestic expenses for generating profits abroad. The goal is to reduce the incentive for U.S. companies to base all or part of their operations in other countries."

To reduce incentive for U.S. companies to base all or part of their operations in other countries? How about reducing taxes? How in hell is this going to convince companies that they should stick around? If I owned a business I would be packing my bags and heading to another country that is not going to demonize my entrepreneurial habits. America already has the second highest corporate tax rate in the world. How is punishing the companies that want to actually do business here going to create any new jobs? Is that not what he is trying to do? This is just asinine and retarded.