Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Obama proposes further tax hikes

May 20, 2009 by  

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.

ADNFCR-1961-ID-19180226-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Obama proposes further tax hikes”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.