Monday, May 11, 2009

Here come da Fuzz, the Tax Fuzz

President Barack Obama proposed raising money to pay for his health-care overhaul by imposing $58 billion in new taxes on securities dealers, life insurance products and Americans with valuable estates.

The eight new proposals, outlined in budget documents released today, are in addition to more than $1 trillion in tax increases over the next decade the president wants to impose beginning in 2011. Those would include higher rates for top earners and restrictions on tax-avoidance techniques commonly used by U.S.-based multinational corporations.

The President has decided to turn the country into a better smelling version of France. He wants an entrenched aristocracy to have all the power and money and the rest of us can eat cake. At least now that he has got his.I wrote sometime last fall that we had just put in the low, the low in tax rates. Obama's legacy may well be that he made sure far fewer people could ascend to affluence.

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