10.01.2008 0

Obama’s Taxing Tax Plan

  • On: 10/23/2008 16:51:23
  • In: Taxes
  • “Barack Obama’s tax plan delivers broad-based tax relief to middle class families and cuts taxes for small businesses and companies that create jobs in America, while restoring fairness to our tax code and returning to fiscal responsibility. Coupled with Obama’s commitment to invest in key areas like health, clean energy, innovation and education, his tax plan will help restore bottom-up economic growth that helps create good jobs in America and empowers all families achieve the American dream.”

    Obama’s tax plan is a lot like Barack Obama himself: superficially appealing but socialist at the core. The plan is to take money from the few and give it to the many in the age-old Marxist and Soviet tradition. As the following quote from the New York Post eloquently summarized:

    “Under his plan – which would be the largest tax hike in at least a decade – the 6.2 percent payroll tax would be applied to the entire income of workers making $250,000 or more a year. Currently, that rate applies only to the first $102,000 of income…

    “A worker making $200,000 a year would pay no additional payroll taxes under Obama’s plan. But anyone making $250,000 a year or more would pay 6.2 percent in payroll taxes on their entire income – not just on their first $102,000.

    “Though Obama’s tax-hike plan is still vague, it appears the tax would apply also to employers who match workers’ payments, amounting to another proposed tax increase on businesses.

    “‘Barack Obama likes to think that his tax increases will only hit a few Americans, but in truth, his economic plan will be a disaster for everyone, especially seniors,’ McCain spokesman Tucker Bounds said.

    “‘Because of Barack Obama’s tax increases, one out of every three senior households will end up paying higher taxes,’ he said…”

    The Heritage Foundation pointed out the following:

    “Senator Obama’s new tax rate would give the United States one of the highest tax rates among developed countries. Currently only six of the top 30 industrial nations have a tax rate for all levels of government combined of over 55 percent. Under this tax plan, the United States would join this group and have a higher top rate than such high-tax nations as Sweden and Denmark… Historically, Senator Obama’s tax rate would be the highest individual tax rate since the Jimmy Carter days.”

    Although it is disguised and fluffed up to appeal to the American people, Senator Obama’s tax plans for America would have a crippling effect on an already struggling U.S. economy. And repealing the Bush tax cuts are just the beginning. The bottom line is that Obama seeks to punish success.

    The implications of this mindset are extremely disconcerting.

    If wealth is punished, what incentives will the wealthy have to stay and invest in America? What incentives will the wealthy have to give back to the economy, build big businesses, create jobs and keep the economic engine running? Moreover, what incentives will middle and lower class Americans have to achieve great wealth if Big Government punishment is what awaits them?

    Barack Obama’s tax policy is an assault on the American Dream. And he has a knife to the throat of the American taxpayer.

    This plan will kill jobs and trigger widespread tax-evasion reminiscent of the Carter years. In fragile economic times such as these, the last thing Americans need is the burden of Government keeping them from realizing fulfilled economic freedom. America’s is a government of the people, by the people, and for the people—not above the people.

    The most frightening aspect of this tax plan, however, are its socialist underpinnings. Once voters see through the rhetoric, Obama’s words are anchored in the principles of class warfare and wealth redistribution. As the following quote from Gather.com articulates:

    “Another study by the Tax Foundation in 2004 found that ‘…the nation’s tax and spending policies redistributed more than $1 trillion in income from the top 40 percent of American households to the bottom 60 percent of households.’

    “That income redistribution is about to get even worse. With Obama pledging to give at least $500 to every single American worker making less than $250,000 per year and $1,000 to every couple making less than $250,000 per year, money will be taken from some tax payers and given to others.”

    America is a nation founded on the resilience of capitalistic individualism and this country must reject Barack Obama’s socialist redistribution of wealth. After all, it is clear how well it worked out for the Soviet Union.

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