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This is Your Goose on Leeches

February 14, 2012

While on the exercise bike this morning, I kept hearing the business guys allude to the “Global Tax” that the administration was proposing.  Apparently I’d missed something.  So it’s nice to see Hot Air pick it up and give some details.  Here’s the Weekly Standard on the administration talking whatever.

“He supports corporate tax reform that would reduce expenditures and loopholes, lower rates for people investing and creating jobs in the U.S., due so further for manufacturing, and that we need to, as we have the Buffett Rule and the individual tax reform, we need a global minimum tax so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidized and facilitate people moving their funds to tax havens,” Sperling said.

Okay, Sperling is Director for the National Economic Council.  He’s speaking of the administration’s desire to recliam money that a citizen has anywhere in the world.  When I used to live in California, I used to get all sorts of warnings that any stock I accrued on my job while I lived there would be taxed by California when I finally sold it.  The market made that moot by killing my value.  Weird that CA doesn’t want to give me money back now…  But the enforcement of that, and of this “proposal” is probably the same.

The US has to know about the money you have, and then it’ll happily ask for its share under this, I suppose.  Since I do something novel like pay taxes on what I make, I wouldn’t know about stuff like this.  But for osme reason, the administration seems to think that normal people who make money like to hide it so that they can actually keep it.  Here’s news for the administration: normal people don’t do this.  And people who want to find loopholes are resourcesful enough to ensure that those loopholes stay open.  All this does is catch people trying to do legitimate things to keep money, and encourage them to do less legitimate things… following people who probably donate to administrations like the one we have in power.

Wealth in the world is the goose that lays the golden egg for the world.  Wealth encourages growth of more wealth, and makes enthusiastic people like me able to grow my own modest means.  Encouraging the administration to pull out the leeches and bleed that goose dry isn’t in my plan today.

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2 Comments leave one →
  1. February 14, 2012 10:11 am

    There’s a bigger issue here, it seems to me. Note that he is confusing the issue of a “minimum” tax on income (which the US has) with the idea of a tax on “funds” — which the US does NOT have and relatively few countries do. (Spain is one.)

    The US has no tax on wealth, regardless of where you have it. There is a tax on inherited money, a form of income (and a dubious tax in my opinion), but no federal tax on the wealth simply held by a person.

    A century after the US re-created the idea of income taxes, we have an administration ready to “progress” to something new. And in fact, all we need are a hundred countries each with a global tax of 10% of your wealth, no matter where you live and what country you were born in.

    ===|==============/ Keith DeHavelle

    • February 14, 2012 11:38 pm

      Considering that so many people are getting earned income tax credit, I’m not sure we have a *minimum* income tax.

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