If you want to understand the corruption, deceit, and might-makes-right culture at the core of the federal government’s dysfunction and disgrace today, look no farther than the two big stories out of Washington last week.
On Monday, President Barack Obama’s Treasury Department released sweeping new regulations effectively rewriting the tax code to make it even more difficult for U.S. companies to escape the double taxation on overseas earnings currently extracted by the IRS. Rather than trying to lower the U.S. corporate income tax rate—which is the highest in the industrialized world—the Obama administration wants to make it even more costly to do business in America.
Not to be outdone by the economic folly of their colleagues at the Treasury Department, bureaucrats at the Department of Labor have published 1,000 pages of new regulations—collectively called “the fiduciary rule”—targeting the investment industry that will make it more expensive and less likely for low and middle-income Americans to save for their future. Working Americans already face a host of obstacles that prevent them from saving for retirement or unexpected financial hardships, and observers from across the political spectrum agree that these new regulations will only further discourage private savings.
Source: The Daily Signal