President Obama announced a plan this morning to revise IRS policies and to crack down on individuals and corporations using loopholes and off-shore "headquarters" to avoid paying their fair share of taxes. He plans to hire 800 new IRS employees to act as enforcers of the new plan, looking into and auditing corporate books to retrieve more than $200 billion potentially owed to the government. In his quick speech, Obama cited a famous address in the Cayman Islands which is listed as the headquarters for 12,000 different corporate entities. Please cue the requisite Republican shit fit on Fox News and Matt Drudge summoning the horsemen of the apocalypse.

RELATED: Money.com's piece about the richest tax cheats.