Guilty until proven Innocent - the new code of Obama

Obama cracks down on overseas tax loopholes

"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," Obama said.

This is a very slippery slope, folks. We've already seen this administration effectively abrogate contract law this week by making Perella Weinberg cry uncle in the Chrysler negotiations (although the details of that sordid tale are admittedly sketchy). But they were obviously just warming up for this travesty.

Obama is about to propose a change to the law of the land that will shift the burden of proof in tax cases from the accuser to the accused.