To: The United States House of Representatives
Petition to Raise Taxes on Money Held Offshore
Since the Republican House is determined on balancing the budget I think it appropriate that they intoduce this bill.
Why is this important?
Our country is losing revenue due to offshore banking tax shelters. Increasing taxes on money that has left or is about to leave the United States will help bring some of it back, which will help conquer the debt and the deficit. All money transferred out of the United States from 1970 into tax shelters must me taxed 90% of total amount that was sent or is about to be sent offshore. That's right, 90%. Under the Eisenhower administration (a Republican, by the way), the marginal tax rate on regular income over $400,000 was 91 to 92%.