Today President Obama unveiled his corporate tax plan. The basics of it are:
* Lowers the top rate to 28%
* Eliminates some deductions and loopholes
* Creates incentives for investments in green energy and other projects.
* Creates a special 20% top rate for manufacturers
* Creates a minimum tax for overseas profits.
This plan is basic outline of Obama’s view of the world. Obama believes in the “state capitalism” model utilized by China and Russia, among other developing economic powers. He believes the state should direct the flow of capital to serve the interests of the state, not entrepreneurs. Plus, he believes in choosing economic winners and losers through regulations and subsidies. Money will continue to be diverted to unprofitable “green” technologies.
The only way to create lasting prosperity and preserve liberty is through a free market economy where capital flows are determined by market demand.”State capitalism” will only to corruption, cronyism, and the impoverishment of the people the state chooses to be losers.
Stand up for greater opportunity by standing up for free markets.