Fellow Investor: If you had to guess who said, "It's glorious to be rich," would you pick (a) a long-dead Communist dictator, or (b) our President? Most people would choose "b," of course -- if only because "a" seemed so unlikely. But they'd be wrong.
But here's the real irony... Not only is that statement surprising coming from a Communist, it's simply unthinkable coming from President Barack Obama. After all, Obama's rhetoric and record make it all too clear that he views being rich not as "glorious," but as evidence of "unfairness" -- which he proposes to remedy through big-government redistribution schemes paid for by higher taxes. Those two facts -- the trend away from economic freedom in America, and toward economic freedom elsewhere in the world -- speak volumes about the future of the global economy, and about the perils and opportunities facing investors today. My name is Mark Skousen, Ph.D. I'm a professional economist and investment advisor, not a pundit. So I'm not here to talk politics. What I am here to tell you is that what President Barack Obama and the Democratic super-majority in Congress are doing -- and planning to do -- to our economy will have enormous consequences for taxpayers and investors. And I'm here to tell you how to protect yourself NOW. What Obamanomics Will Mean for Investors Make no mistake: All other issues aside, when it comes to the economy Barack Obama is a throwback to big-government liberals like FDR, LBJ, and Jimmy Carter. Already, thanks to all his bailouts and “stimulus” spending, Obama has quadrupled the federal deficit, from $455 billion in fiscal 2008 to a jaw-dropping $1.8 trillion in fiscal 2009 -- which, at more than 13% of GDP, is proportionally the largest deficit the U.S. has run since the end of World War II. And that’s not even counting the $1 trillion-plus planned for health care “reform” over the next decade, plus the estimated $3 trillion cost of the cap-and-trade energy bill. As for the tax hikes to pay for all this, the Obama plan calls for the top tax rate to climb from 35% to 39.6%, which the phaseout of itemized deductions and personal exemptions will bring closer to 41.6%. Social Security and Medicare taxes come on top of this, of course -- not to mention Obama’s proposed tax “surcharges” of up to 5.4 percent to pay for government health care.
My friends, you can't have capitalism without capital. Yet, Obama wants to penalize capital, individual and corporate. The bottom line? If he succeeds in his plans, President Obama will lead the nation toward the kind of socialism now operating in Western Europe -- where production and growth can be charitably described as stagnant. And that's bad news for American business -- and for most American stocks. So, how can you "Obama-Proof" your portfolio and shield yourself from the coming tsunami of big-government and redistributed wealth? You'll find the answers to that question -- including five fantastic "Obama-Proof" investments -- in a new Investor's Dossier I've just prepared called Obamanomics & Your Money: How To Profit From The Coming Big-Government Tsunami. Better yet, Obamanomics & Your Money is yours FREE just for trying my investment newsletter, Forecasts & Strategies. Five Strategies for "Obama-Proofing" Your Portfolio
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It was Deng Xiaoping, successor to Mao Tse Tung, who authored that statement -- which is quoted more often in booming China today than anything in Mao's Little Red Book.
Add state taxes to the mix, and some taxpayers -- New Yorkers, for instance -- could face a combined federal-state income tax rate of nearly 60 percent.
