Posted by
Boomer911 on Sunday, June 29, 2008 12:58:29 PM
The Democrat's (socialists) notion that "all things European would be just fine for America", would no doubt continue and expand under a president Obama. It doesn't matter how unsuccessful a policy it might be, if the Europeans are doing it, we must do it. Democrats are all smiles about saddling the American taxpayers with more taxes in order to pay for "universal health care", a system that has been shown to be a complete failure wherever it has been implemented but hey, why let other's failures be your guide? The same thing holds true for Obama's plan to put us at European levels of taxation and give the nation the largest tax increase in our history. Obama and his socialist cronies believe the best way to help the economy is to tax productivity. They still don't understand the way a free market should work as indicated by their continued government regulation policies and interference. The poor do not create jobs nor maintain much productivity in the work force as many opt for public aid and welfare systems with the incentive to leave such programs no longer relevant. The Democrats hammering those who create jobs and wealth for others will only hurt the ones they have tried to help, the poor. They contend the best way to help people is from the bottom - up instead of top - down which is not only economically wrong but economically dangerous for the rest of us. Lets look at what Obama is promising as far as taxes are concerned.
Obama has stated many times he will let the Bush tax cuts expire. This will allow the top two tax rates to return to 36 and 39.6 percent. His plan would boost the top marginal rate to well over 55 percent—before the inclusion of state and local taxes—resulting in many individuals seeing their marginal tax rate double. The Heritage Foundation explains it this way, "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. The top marginal rate would exceed 60 percent with the inclusion of state and local taxes, which means that only Hungary would exceed Senator Obama's new proposed top tax." But what is truly frightening is that of the six countries with higher tax rates than 55 percent, the average unemployment rate is 7.35 percent. Plus his tax plan adds to the national debt and will leave us even more unprepared to handle America's rising cost of entitlement programs such as Social Security and Medicare. Here are some quick numbers showing the impact of the tax cuts and the repercussions of them expiring:
$2.4 Trillion- The overall tax increase faced by American families, seniors, and businesses if the Bush tax cuts expire.
$1,716- The average tax increase for over 100 million Americans if tax cuts are allowed to expire.
$2,034- The average tax increase that will hit 17 million seniors if the Bush tax cuts expire.
8.3 Million- The number of jobs created since the tax cuts of 2003.
$91 Billion- The cost of reinstating the death tax.
44 million- The number of married couples affected if the Marriage Penalty is reinstated.
$1,480- The average cost in 2000 for cuples punished by the Marriage Penalty
$108 Billion- The reduction in the federal deficit in 2005 thanks to the economic growth sparked by the tax cuts.
No doubt Obama's plan will slow the economy to a crawl and definitely send us into a recession. The question is can we get this news to the masses before the election in November? I think we can. We just need to keep on the offensive.