He’s already done irreparable harm to the U.S. economy, and now he wants to take the show on the road.
We all know about Obama’s plan to go after companies that have moved operations out of the United States and extract taxes from them. He doesn’t care that they’ve outsourced; he just wants to get the money. Well, there’s a little problem with this particular Marxist tentacle. Overseas banks are the ones that would be required to basically play tax collector for the IRS at great expense. This has prompted warnings that foreign banks may jettison American clients to avoid the cost and liability of being Obama’s overseas tax goons.
What would this do? Raise prices of consumer goods? Yes. Bring jobs back to America? No. Possible retaliation by foreign finance interests? Likely.
Barry didn’t think this one through, like most of his proposals, but I bet the idea sure sounded good when he was theorizing as a professor.
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