So are you closing the door on new tax rate increases as part of this?

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In Shanghai, authorities began launching such measures six years ago after sensing the market was becoming too frenzied, and both new developments and the rate of price increases have slowed.

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But Obamanomics, from the new and expanded tax credits of the 2009 stimulus, to the green energy tax loopholes that left GE paying no income taxes on billions in corporate profits, to the proposed new tax credits of the Jobs Plan, to the 2013 tax rate increases, involves just the opposite, creating numerous new tax loopholes in return for higher tax rates.

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Others will be expanded to take account of increases in the birth rate and new housing developments.

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Nevertheless, Japan is in the process of enacting a new array of tax increases: The top income tax rate, the gasoline tax, the payroll tax, the inheritance tax and the capital gains tax are all slated to go up.

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So the new law increases the tax incentive to give by raising his marginal tax rate (and making deductions more valuable).

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President Obama, by contrast, is already raising the top marginal tax rate at least to 45%, even without any of the new tax increases he has proposed.

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For instance, new regulations will limit banks from charging high fees on debit card transactions and restrict certain interest rate increases on credit cards.

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