Rosenberg: Class Warfare Coming Your Way

The Business Insider ^ | 11-16-2009 | Joe Weisenthal

[blam]

Rosenberg: Class Warfare Coming Your Way

Joe Weisenthal
Nov. 16, 2009, 11:28 AM

With the Dow just a couple of good days away from hitting 11,000, David Rosenberg's message is as harsh as ever.

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CLASS WARFARE COMING YOUR WAY

We have to admit that we cannot recall a time when the potential returns in Canada looked so attractive compared to the U.S. while the risks are so much lower — fiscal, economic, financial and political.

Now we see that Senate Majority Leader Harry Reid is planning a slate of tax rate hikes on the upper class (defined to mean anyone making over $250k) — like a medical payroll tax on high-income earners (a $50 billion drag on purchasing power for this group) not to mention the $460 billion confiscation being planned as part of a new 5.4 percentage point surtax (high-income earners in Ontario will recall those from the early 1990s). No wonder immigration into Canada is running at a 4% annual rate and foreign applications at Canadian universities surging at a 7% annual rate at this time — the reverse brain-drain is in.

The state governments are already moving in to tap the “rich” as a source of revenue mimicking the 10.55% surtax that California levels on anyone making over a million bucks.

[snip]

[Puppage]

Wadda ya mean coming? It's been here for years. It's the mantra of the democratic party.