"The best thing about President Obama’s budget, is that there is no chance his tax proposals will become law", writes Steve Forbes. "That’s why the stock market happily shrugged them off. Calling for yet another round of levies on the so-called rich – otherwise known as capital creators, investors and small business owners – smacks of pure, vindictive class warfare and has nothing to do with creating an environment for vigorous economic growth."
Forbes continues: "Call the Obama budget, France Lite. Boosting taxes is playing havoc with France’s already anemic economy and undermining the authority of its socialist President. Ever-rising taxes are also killing the economies of Spain, Italy, Greece and Portugal...
"The President also called for sharply raising the minimum wage, which will only destroy jobs for young people entering the workforce. Contrary to the President’s rhetoric, all but a handful of minimum wage earners are kids doing part-time jobs or family members supplementing household earnings. Virtually none are primary earners... "The only sensible thing that the President proposed was cutting the corporate tax rate – now the highest in the developed world – and paying for the rate reduction in a revenue neutral way by reducing the tax code’s complexity" Read it all
[Thanks BJS]
Forbes continues: "Call the Obama budget, France Lite. Boosting taxes is playing havoc with France’s already anemic economy and undermining the authority of its socialist President. Ever-rising taxes are also killing the economies of Spain, Italy, Greece and Portugal...
"The President also called for sharply raising the minimum wage, which will only destroy jobs for young people entering the workforce. Contrary to the President’s rhetoric, all but a handful of minimum wage earners are kids doing part-time jobs or family members supplementing household earnings. Virtually none are primary earners... "The only sensible thing that the President proposed was cutting the corporate tax rate – now the highest in the developed world – and paying for the rate reduction in a revenue neutral way by reducing the tax code’s complexity" Read it all
[Thanks BJS]