New US administration brings political pitfalls ///
The United States has elected a new president. Barack Obama and his party have promised no increased taxation on the average Joe. Maybe it would be more accurate to say that, behind the smoke and mirrors, Obama has promised no new direct taxation on Average Joe Citizen.
This promise will almost surely mean higher taxes on business, especially the oil and gas industry. If this is the outcome, we will see the larger multinational companies moving their investment dollars overseas. With these big companies showing huge quarterly profits, due mainly to the effect of high oil prices, Obama’s administration will look to increase taxes and thus force these companies to look for places other than the US for opportunities. Some might even relocate their headquarters to avoid taxes. Even the small to mid-sized companies will be seen as large and will suffer the unjust burdens of higher taxes.
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