Monday, May 11, 2009

Obama Proposes New Taxes on Traders, Life Insurance

according to article.

"President Barack Obama proposed raising money to pay for his health-care overhaul by imposing $58 billion in new taxes on securities dealers, life insurance products and Americans with valuable estates. "

"The eight new proposals, outlined in budget documents released today, are in addition to more than $1 trillion in tax increases over the next decade the president wants to impose beginning in 2011. Those would include higher rates for top earners and restrictions on tax-avoidance techniques commonly used by U.S.-based multinational corporations.

"Obama also would raise $24.2 billion over the decade by adjusting rules for valuing assets in estate planning.

"The documents released today didn’t explain in detail how the tax increases on securities dealers and life insurance companies would work. They would raise $4.2 billion and $12.7 billion, respectively, through 2019. "

The economy hasn't shown a sign of recovery, profits are hard to come by for the companies, and people are trying to cut back on expenses and paying down debts. And the government wants to raise taxes even more. Make sense, in this upside-down, inside-out world.


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