President Obama Plans to Levy Taxes on Incomes Over $250,000

Forbes magazine reports that the United States use to be a tax haven for billionaires.  Is President Barack Obama right to levy higher taxes on th 3% of the United States polulation, the rich?  Just the idea that the Forbes magazine stated that the United States use to be a haven for the rich would imply that the Bush Administrations must have been lenient when it came to taxing the rich.

Former President Bush did admit during a television interview that he was impressed  even with President Barack Obama because of his ability to raise millions of dollars for his presidential campaign in a short span of time.    The Guiness Book of World Records also confirms President Bush penchant for the rich because the book reports that his presidential cabinet has been composed of more millionaires than any other presidential administration.  Suffice it to say, the the United States was a haven for the rich until the presidency of Barack Obama.

The tax haven reportedly began during the Reagan administration but has now come to an end.  Entrepreneurs during the Reagan administration did not mind subjecting their capital to the United States IRS.  This era of a tax haven is over with the Obama administration.  The rich people in New York and California will be the first to be hit by the tax hikes.  A wife of a Wall Street Investor lamented to Rush Limbaugh that there is a difference in the cost of living between the states of the United States and that consideration should be given to these demographics regarding tax hikes.  President Obama based his tax hikes on Americans making over $250,000 a year without geographical consideration.

Switzerland is no longer a flight capital for the rich people of the United States.  Now Swiss banks because of the world economic crisis has began hiring tax inspectors.  Ireland use to be an overseas haven for rich Americans with the willingness to take on tax exiles.  But Ireland's economy is experiencing an economic crisis also.  Campbell soup heir has been able to deposit money in Ireland's banks but with uncertainty based on Ireland's economy.  Red Bull billionaire has found a tax haven in Fiji and so has Mel Gibson, the actor.  Mel Gibson actually have acreage on the island of FIji. The Red Bull company and Mel Gibson of course have financial holdings within the United States.

With the advent of the Obama administration, the rich suddenly  is looking for other places in the world in which to stash their cash.  Their difficult task is to find a safe tax friendly   place in which to store their riches.  This is a daunting task in the wake of the world economic crisis. 

Forbes magazine reports; however, that even with President Barack Obama taxation of the rich, the United States fares better than Europe with taxation policies.