Word: taxingly
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...senior Treasury official before the same hearing of the Senate Homeland Security and Governmental Affairs Committee: "Years of research and law-enforcement investigations have conclusively demonstrated the link between the abuse of legal entities, on the one hand, and, on the other hand, WMD proliferation, terrorist financing, sanctions evasion, tax evasion, corruption and money-laundering for virtually all forms of serious criminal activity...
...liability so that entrepreneurs are not risking their entire financial viability in any one venture. In practice there can be multiple incorporations in a single deal. But critics say that the original intent of incorporation has been corrupted in the last 20 years as the conveniences offered by offshore tax havens - demand turbocharged by a boom in financial engineering - has degenerated into a race to the bottom to sell secrecy. (See 25 people to blame for the financial crisis...
...push back has been vigorous, and not just from the usual business groups. States are reflectively resisting federal intrusion, besides being concerned about getting saddled with an unfunded mandate. Opponents also contend that shady business practices will just move offshore and put the tax dollars in another country's coffers...
Wall Street also seems unhappy about a fee for being big. Financial executives don't like the idea of having to pay a too-big-to-fail tax, but nonetheless I think they get it. Banks pay for deposit insurance - this just extends the idea to the rest of the bank's liabilities, which get covered by implicit too-big-to-fail guarantees. What a lot of firms don't like is the idea of having to pay a financial-crisis-responsibility fee for the next decade, as Obama has proposed to recoup TARP loans to AIG, the auto industry...
...Under pressure from the E.U., France also said it would seek to bring its deficit to under 3% by 2013, although that is based on optimistic economic growth levels of at least 2.5% annually. Meeting those targets gets even more challenging with the tax cuts that President Nicolas Sarkozy keeps handing out - most recently to businesses worth over $10 billion annually - coupled with his call for all E.U. countries to continue pumping their economies with stimulus spending to foster growth. Even Germany, the E.U.'s most disciplined member, will see its 2009 deficit of nearly 4% rise to almost...