I find it hard to accept people who complain about a problem and then offer no solution. I sadly find that too many politicians fit this description.
Combined federal and state tax rates on US corporations are the highest in the world. Further increasing taxes on successful entrepreneurs and struggling businesses, as promoted by our president and the Democrats in Congress, will only drive more jobs and investment capital overseas and consequentially cause more American businesses to fail, more jobs to be lost. Do you really believe financial advisors for professional sports stars like Kobe Bryant ($53 million annual income) or Alex Rodriguez ($35 million annually) will encourage them to invest in American businesses (i.e. U.S. jobs), as the White House pushes to raise tax rates to FDR’s peacetime ‘New Deal’ levels of 78%? Of course not. Can you say ‘tax loopholes’, ‘off-shore investments’ and ‘tax-free bonds’? But, hey, ‘Tax the rich”, has a nice re-election ring to it, don’t ya think? (more…)