Just in case you were not depressed enough over the economy and bad fiscal policy, check out a Wall Street Journal article over the weekend titled “Campaign Pledges Collide With New Fiscal Rality.”
The piece focuses on where President Obama and Congress seem to be headed on some key tax issues.
On those earning at least $250,000 annually – including, of course, many entrepreneurs and investors – the President seems ready to wait until 2011 to jack up their taxes, as opposed to the advice offered by House Speaker Nancy Pelosi (D-CA) to do it earlier. Now or in 22 months? Either way, it does not bode well for the economy.
How about jacking up taxes on overseas earnings by U.S. firms, and hiking taxes on hedge fund and private equity managers? Those are in the mix, and if one is looking to hit business and investment in a down economy, these are good ways to so.
How about imposing a new tax on business to pay for the broken and costly Superfund program? Again, that’s being considered.
The only positive in the Journal’s story is that the President seems to have backed off the protectionist rhetoric he threw around during the campaign.
So, it looks like we have President Obama the big spender and tax hiker, but perhaps not the protectionist.
Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council
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