Making America poorer 119

Even if its ruinous cap-and-trade intentions are finally frustrated, the radical left now governing America will proceed to ‘redistribute’ wealth – which means, to destroy it. New taxes will help to impoverish the nation and the world.

Investor’s Business Daily warns of the dire effects of a proposed tax on stock trades …

The AFL-CIO and congressional Democrats are proposing a one-tenth of 1% tax on all stock trades as a way to pay for things like infrastructure. This so-called Tobin Tax — named for Nobel prize winner James Tobin, who came up with the idea to lower volatility in the financial markets — would raise as much as $100 billion from investors. But it’s really nothing more than radical redistribution of wealth masquerading as fiscal rectitude… And when the U.S., Britain and other members of the G-20 meet later this month, they are being encouraged by “activists” — that is, wealth-hating leftists — to consider an international Tobin Tax on all financial transactions as a kind of social leveling device. This is the dream of all the global social engineers — a massive tax on wealth that could be used by unaccountable international bureaucrats for their grand schemes to make a better world. What will come of it is what has come from all international organizations of governance — incompetence, corruption, malfeasance and endless misery for those whom they supposedly want to help… Put a tax on stock transactions, and you tax creation of new businesses and new jobs… In short, it’ll prolong the recession, and you’ll be poorer now and in the future as a result. So will the rest of the world, by the way.

and on US energy producers …

When lawmakers return to Washington, the Senate will take up legislation that would impose $31.5 billion in new taxes on America’s energy producers. These taxes will harm every aspect of our domestic energy industry, from producers to refiners and every supporting business in between… [and] further reduce America’s refining capacity — which supplies only 84% of domestic demand. It would also give a competitive advantage to foreign refiners, who would be unaffected by the provision. Reducing American refiners’ ability to bring products to market will transfer more American jobs and revenue overseas — the last thing our struggling economy needs… By levying a heavier tax burden on U.S. suppliers, domestic production will drop, and we will have to import even more oil. This will make the U.S. more dependent on foreigners to meet the nation’s energy needs. The government also plans to place new taxes on the important work our energy producers do around the globe. Congress wants to change the rules that apply to certain international earnings called foreign oil and gas extraction income, and foreign oil-related income. These proposed changes would burden the industry with billions in new tax obligations over the next decade… Ultimately, American workers, businesses and consumers will bear the burdens of new taxes on the energy industry…

Posted under Commentary, Economics, government, Socialism, United States by Jillian Becker on Wednesday, September 2, 2009

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