George Rebane
‘When you promise to rob Peter to pay Paul, you can always count on the full support of Paul.’
Obama has promised to launch one of the biggest tax increases in US history, and since the supportive MSM own the words, it is all being sold under the banner of “tax relief”. The package is designed to bring the already faltering US economy firmly down to its knees so that no sheep in the flock will murmur opposition when the federal government makes its next moves to ‘save the economy and the American dream’.
We already have the second highest corporate tax rate in the world that is driving our businesses overseas. Over half of our citizens pay no federal and state income taxes, and this fraction is about to increase when Obama’s scheme of rewarding government promoted behavior with “refundable” tax credits kicks in. Get this, if the tax credit is $1,000 and you only pay $200 taxes, the government will send you a check for $800. And if you pay no taxes at all, then you get a check for the full $1,000. This will be a sinister and cynical re-ignition of the universal welfare programs that, along with the new strangle hold on the economy, will guarantee that the population of Pauls will surge to bolster the socialist agenda.
In the meantime, enough Peters are seeing the writing on the wall that says the government intends to essentially take as much as possible – ‘everything’ comes to mind – of what you have through their one-two punch. One – they’ll raise your income tax rates through the roof because the Pauls will demand it. Two – and even if you try to minimize income, they’ll tax your assets through inflation by speeding up the money presses. But now the feds, both parties voting unanimously, have added a kick to the groin for good measure.
Ever hear of the Heroes Act – Heroes Earning Assistance and Relief Tax (HEART) Act, which provides tax relief for active duty military personnel and reservists – that the president signed into law on 17 June? Well even if you did, I bet you didn’t know about the Exit Tax provision that was quietly taped to the back page. It seems that enough Peters are beginning to leave the country that the government is now resorting to methods historically used by failed autocracies and creaking socialist states.
The new Exit Tax will cost you one third of your assets in excess of $2 million if you decide to turn in your US passport and head over the horizon. By laying down this foundation, the government admits that its policies of exacting tribute from its more productive citizens is at a level that requires the building of our own Berlin wall to keep the Peters in. And the Pauls eagerly await their messiah.
rebanesruminations.com 
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