Everyday it seems, Obama trots out some plan of his that shows that he’s not only out of hos depth, but he is seriously going tto mess up this country. It boggles the mind how anyone could be so clueless. But he thinks what he’s doing makes sense.
Frankly, I would rather write about something other than politics but I can’t sit and let this stuff go by unnoticed. The MSM is completely dishonest and won’t tell you the truth.
His latest stunt is to say he’s going to shut down tax havens and close loop holes. In other words, American companies that do business overseas are going to have to pay taxes there and also US taxes on top of them. This will mean that they will have to shut down operations over seas, thus ending a lot of jobs. It will hurt their ability to compete which will also mean less jobs.
Every president says they will close loopholes, but the fact is loop holes are what politicians sell to rich donors. It’s a total scam. If you look at the tax code, there are parts of it that exist only to give one person or group a tax exemption. This latest move is nothing but another attempt to take as much money as possible from the people.
Of course they use the “the rich must pay their fair share” line. Again, it’s a scam. A lot of what he wants to end is legal. Many large companies park their money overseas to avoid taxes. That’s because our corporate tax rate is the second worse in the world. The greedy people are our politicians.
And they want to dictate to smaller countries what they can and cannot do with their banks. Absurd.
The latest G20 was designed to get the rich countries to bully the smaller ones to force them to give up any secret bank accounts they may have that could be tax dodgers.
If these countries had fair taxes and a sane tax code, people wouldn’t need to hide their money. The American tax code is insane. And it needs to be redone. You know things are screwed up when Russia has a better tax system than we do. Russia uses a flat tax.
UPDATE: Obama’s plans are riling up the tech world, who were some of his biggest supporters. Perhaps now they will see what a mistake that was.
Meanwhile, even congressional democrats are balking at this plan. I think it will go nowhere. At least, I hope so. It would make the economy a lot worse than it already is.