Entrepreneur.org ran an article today that begins:
This afternoon, President Obama addressed the Presidential Summit on Entrepreneurship organized by the Department of State and the Department of Commerce … designed to promote entrepreneurship in Africa, the Middle East, and South, Central and Southeast Asia.
Meanwhile, on the home front, Obama signed into law a health bill, which includes a massive new mandate on businesses to file billions more tax returns for their routine business dealings. Obama supports a financial regulatory bill that could kill the angel investment industry, and thus end angel support of start-up businesses. Obama supports raising the top two income tax rates, even though 44 percent of the income hit will be small business income. And Obama supports raising the capital gains tax, even though a lower gains rate has been crucial to the success of high-tech entrepreneurship in Silicon Valley elsewhere.
The Obama administration and today’s Democrats are driven by regulatory zeal, lust for higher revenues, and apparent ignorance of the workings of the market economy. I don’t think they planned it this way, but their anti-market actions are accumulating cut by cut, threatening major long-term damage to America’s standard of living.