Skip to comments.Rosenberg: Class Warfare Coming Your Way
Posted on 11/16/2009 1:18:36 PM PST by blam
Rosenberg: Class Warfare Coming Your Way
Nov. 16, 2009, 11:28 AM
With the Dow just a couple of good days away from hitting 11,000, David Rosenberg's message is as harsh as ever.
CLASS WARFARE COMING YOUR WAY
We have to admit that we cannot recall a time when the potential returns in Canada looked so attractive compared to the U.S. while the risks are so much lower fiscal, economic, financial and political.
Now we see that Senate Majority Leader Harry Reid is planning a slate of tax rate hikes on the upper class (defined to mean anyone making over $250k) like a medical payroll tax on high-income earners (a $50 billion drag on purchasing power for this group) not to mention the $460 billion confiscation being planned as part of a new 5.4 percentage point surtax (high-income earners in Ontario will recall those from the early 1990s). No wonder immigration into Canada is running at a 4% annual rate and foreign applications at Canadian universities surging at a 7% annual rate at this time the reverse brain-drain is in.
The state governments are already moving in to tap the rich as a source of revenue mimicking the 10.55% surtax that California levels on anyone making over a million bucks.
(Excerpt) Read more at businessinsider.com ...