Obama Tax Plan: President Goes All In on Confiscation | WHAT REALLY HAPPENED


Obama Tax Plan: President Goes All In on Confiscation

His tenure has already witnessed a greater accumulation of federal debt than any other time in US history. It is unsustainable based on the nation’s taxing traditions. In recent days, however, Obama has hinted at a new paradigm in federal revenue collection: confiscation.

Last week, the White House floated a proposal to levy a one-time tax on the $2 trillion in foreign earnings American corporations have overseas. The United States imposes the highest corporate income tax rate in the world. It also, unlike every major nation, taxes profits on business activities conducted completely outside the US. In essence, the US tax code follows American citizens and corporations anywhere they travel around the world.

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