LaRouche Welcomes `Collision' Between Obama and Brown Over the Offshore Empire Tax Havens
March 4, 2009 • 6:56PM

The Obama White House is pushing strongly, for passage of Senate bill S-506 to force the revelation and taxation of "offshore" tax-evading income—what has been as much as $13 trillion untaxed wealth in United Kingdom offshore centers, Switzerland, and Luxembourg. In 2006, then-Senator Barack Obama had co-sponsored with Sen. Carl Levin, the anti-tax evasion legislation which President Barack Obama is now calling for. Economist Lyndon LaRouche today declared the "total, enthusiastic support" of his LaRouche Political Action Committee (LPAC) for the Stop Tax Haven Abuse Act. It could stop the bankers and hedge fund operators who brought the financial system down, from enjoying their looting fortunes untaxed and costing the U.S. Federal government $100 billion a year in tax revenue.

More importantly, the White House push to open the "secret banking jurisdictions" of the British offshore empire puts Obama "on a real collision course with [British Prime Minister] Gordon Brown," as the London Guardian reported today. In contrast also to Germany and France, the British oppose opening up the offshore tax-avoiding banking centers, and oppose writing off derivatives and other bad debts booked there. The Guardian says the Levin Senate legislation "is a severe blow to Jersey, the Cayman Islands, and Switzerland, where $13 trillion in untaxed private wealth has gone." These and many other island havens are under UK (or Dutch) protection. Brown is under intense City and UK-offshore pressure to stop this "blow." And though the Guardian does not mention it, Gordon Brown was formerly called "the tax evaders' Chancellor" for his protection of the offshore UK money centers from regulation or disclosure, and his opposition to regulation in the City of London banks themselves.

The U.S. President who chucked Winston Churchill's bust out of the Oval Office, has already had a chilly encounter with Gordon Brown on March 3, nixing a press conference at which Brown wanted to push his latest global bank bailout schemes. If S-506 becomes law, it will force Brown into open protection of Wall Street and City of London tax looters, along with such British agents as George Soros.

Senator Levin said yesterday, "President Obama's support for the Stop Tax Haven Abuse Act, as announced by Treasury Secretary Geithner [on March 3], is very welcome news and greatly improves the chances of an offshore tax bill becoming law this year."

LaRouche said, "This is excellent. Go all out for it."