Obama proposes further tax hikes

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Obama proposes further tax hikesIn his quest to finance the upcoming healthcare reform, President Obama has said he will propose some $58 billion in new taxes on securities dealers, life insurance products and Americans with valuable estates.

The announcement follows earlier plans to raise as much as $1 trillion in tax revenues over the next decade, the administration’s pledge to go after individuals who may shelter their income in offshore tax havens and to close loopholes allowing U.S. corporations to avoid paying some of their taxes.

Predictably, insiders who represent industries which may be affected by the latest move have expressed their disapproval.

"Seventy-five million American families rely on the products offered by life insurers for their financial and retirement security," said Frank Keating, president of the Washington-based American Council of Life Insurers and the former Republican governor of Oklahoma.

"This is absolutely the wrong time to make it more expensive for families to obtain the security and peace of mind our products provide," he added.

Other recent tax proposals which provoked much criticism include the planned increase in taxes paid by Americans making more than $250,000 which some say will negatively impact the philanthropy sector.

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