It is fitting that President Obama released his 2016 budget on Groundhog’s Day. Like Bill Murray’s character Phil Connors in the famous movie, Obama is stuck in an endless loop where he keeps pushing economically destructive tax hikes that have little chance of becoming law.
This is the seventh budget he has released, and each of them had trillions of dollars of tax hikes that would needlessly increase the tax burden on American families and increase the already bloated size of the federal government.
This year’s headline-grabbing and nonsensical tax hike targets U.S. multinational businesses. Obama wants to apply a 19 percent minimum tax on their foreign income going forward and a 14 percent tax on the foreign income they previously earned but have not yet returned to the U.S. (and therefore have not paid their U.S. tax on yet).
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