President Obama is trying to follow through on his campaign promise to close tax loopholes and clamp down on all of those evil rich people and corporations who dare to put their money in overseas accounts where they have more potential to grow. Obama says, "If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly." Read that again - please. Either cooperate with us or we're going to assume you're breaking the law. I may be wrong, but don't we have a long and valued tradition whereby the government assumes innocence until guilt is proven? Guilty until proven innocent ... sounds about right. Just another change we can believe in.

So what exactly is Obama's plan? Well for starters, companies that generate profits abroad would not be able to write off any domestic expenses. This is commonly referred to as "deferral." The thought behind this is that it will reduce the incentive for American companies to base some or all of their operations in countries that won't gouge them to death with taxes.

Obama also wants to overhaul regulations known as the "check-the-box" rules, which give companies the ability to decide where their subsidiaries should be taxed.

Another part of Obama's plan is to .... Imagine this ... hire more government hacks! Not just any hacks, but 800 new agents for the IRS in order to better enforce the tax code.

Here's your bottom line. There is somewhere between $10 and $13 trillion dollars of American wealth that have been sent overseas where those dollars can be free to work and produce wealth in places where tax treatment is more favorable. These dollars are fleeing tax tyranny and looking for freedom, much like people in East Berlin tried to get over that wall to find freedom in the west. The East German communists shot those people down in cold blood. Obama wants to do the same to your money. He's and his Democrat pals are erecting an economic Berlin Wall to keep your money from escaping their tyranny.