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Yes, it’s early, but seems he’s serious about his campaign promise to balance the budget.
The economy won’t see the drop in demand until it actually happens.
But valuations can adjust to rising tax rates long before GDP does.
by Ryan J. Donmoyer
May 11 (Bloomberg) — President Barack Obama proposed raising money to pay for his health-care overhaul by imposing $58 billion in new taxes on securities dealers, life insurance products and Americans with valuable estates.
The eight new proposals, outlined in budget documents released today, are in addition to more than $1 trillion in tax increases over the next decade the president wants to impose beginning in 2011. Those would include higher rates for top earners and restrictions on tax-avoidance techniques commonly used by U.S.-based multinational corporations.