From Rush Limbaugh: My friends, the Democrats are intent on "cracking down" on wealthy tax dodgers, so they've come up with a new proposal to deal with Americans who are supposedly hiding money overseas. The measure requires foreign financial institutions to accept new reporting requirements -- or get smacked with a 30 percent tax on income from their US assets.
New York Democrat Charlie Rangel, the wealthy tax dodger who heads the House Ways and Means committee, said the bill "offers foreign banks a simple choice" -- to snitch on American account holders if they want access to our capital markets. Treasury Secretary Timmy Geithner, another wealthy Democrat tax dodger, says: "For too long, individuals have taken advantage of the system by hiding money in accounts overseas, while millions of families and small businesses here at home pay the price." The measure, he said, would insure "everyone pays their fair share."
Of course, the state-controlled news reports of this new "crackdown" failed to mention that both of these esteemed Democrats -- so anxious to stop greedy, wealthy tax dodgers from cheating -- had themselves cheated, with no consequences whatsoever. And I guaran-damn-tee the next time Rangel, Geithner, or any high-profile tax dodger in the Democrat Party face the cameras, not a single state-controlled reporter will challenge their using the heavy hand of government on others... while getting a pass for themselves.
See, Democrats see themselves as the new American royalty: they are above the law, and above reproach. And, thanks to their pals in the press, they are above scrutiny, as well -- but not from us.
Read the Background Material on the Morning Update...
• AP: Bill aims to crack down on overseas tax cheats