Obama’s attempts to increase taxes, for example, discourage businesses from expanding and deter consumers from spending. Many taxpayers already feel that taxes are extortionate and, fearing of even higher levies, have withheld their spending, thereby reducing demand for goods and services.Read the whole thing.
In addition, there have been recent “hidden” tax increases such as burgeoning "user fees" on drugs, biologics, medical devices, and food—the purpose of them being to get regulators to do their jobs.
There is also a potentially catastrophic 2.3 percent excise tax on medical devices. This excise tax is particularly pernicious because it is exacted not on profits but on revenues. It could jeopardize the very existence of start-up entities that are not yet realizing profits or companies that work on very thin margins.
Wednesday, October 10, 2012
...and here's why,