Egypt’s Morsi introduces, then abandons, massive tax hikes in 24 hours

Less than 24 hours after unveiling a heap of new taxes on everything from cigarettes and beer to cement and steel, the New Pharoah of Egypt has reversed course. Walk (back) like an Egyptian:

Stateside observers see parallels between two tax-happy, power-usurping leaders:

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Yesterday: Egypt’s Mohamed Morsi reportedly amending decree, backing off sweeping power grab

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