Who wants to be a millionaire? You don’t, if Barack Obama’s tax proposal goes through. The latest budget plan from President Obama would increase taxes on those making more than $630,000 by more than $100,000 according to the Tax Policy Center, an arm of the leftist Brookings Institution. This should not come as a surprise; Obama has long targeted the wealthiest Americans as the root of all evil.
Obama wants to raise the top two income tax rates which now rest at 33% and 35% to 36% and 39.6%. In addition, he wants the tax rate on capital gains and dividends for high-income households to rise from 15% to 20%. And the cherry on top is his limitation of itemized deductions.
The Obama administration champions its “quantitative easing” policy, which inundates the market with easy money, inflating the currency. Interest rates are meant drop as a result, but the resultant inflation means we all pay more for commodities, even while he intends to raise taxes. With the higher tax rates Obama favors crippling industries that manufacture the goods and services we need to produce to stimulate the economy, not only will we suffer from high inflation, but the economy will slow down. The new goal for financial solvency: who wants to be a trillionaire? Perhaps then, your money will be worth something.