Posted by
Paul on Monday, October 06, 2008 10:05:16 AM
This election season we are hearing the same old tired diatribe from Barack Obama and the Democrats that we must tax the rich.
Barack Obama’s economic policy is to raise taxes. Obama will raise income taxes, payroll taxes, corporate taxes, capital gains taxes, and the death tax. The federal government last year spent a whopping $2.9 trillion and Obama wants to raise taxes! Democrats always want to raise taxes ripping off hard working Americans so politicians can grow government, transfer wealth, and consolidate more power. The United States has the second highest corporate tax rate in the world. Raising corporate taxes will only serve to send more jobs overseas putting more Americans out of work. The main goal of a business is to earn profits and our government can’t wait to tax them. Where would our economy be without businesses big and small that employ people and provide heathcare and retirement plan benefits for their employees?
Obama deceivingly claims that he will only raise taxes on the top 5% of the wage earners. Who exactly is the top 5%? Well according to the IRS, 75% of the taxpayers filing as individuals in the top income brackets are small businesses. That’s right, small businesses that employ many of you. The IRS allows small business owners to file as individuals in order to avoid double taxation. If a small business filed taxes as a corporation, they would have to pay revenue taxes and dividend taxes. Obama is not telling the truth when he claims small businesses will not be effected by his tax increases.
In today’s economy small businesses create the vast majority of new jobs. If small business owners are hit with tax increases, jobs will be lost and you or people you know will be unemployed. Facts are inconvenient for politicians who do not understand basic economics but like to play on voter’s emotions during election season. While a stick it to the rich sentiment might temporarily make some feel good, our economy will suffer greatly from tax increases.
Obama falsely claims he would like to cut taxes for 95% of working Americans. How is Obama going to cut taxes for 95% of Americans when 33% of working age Americans do not pay taxes? Obama claims tax increases are a matter of fairness. His gas bag running mate Senator Joe Biden stated that paying higher taxes is patriotic! According to the IRS, the top 1% of the wage earners pays 40% of all federal taxes and the top 50% of the wage earners pays 97% of all federal taxes. Does that sound fair? Under Obama's tax plan, top income earners will actually pay more in taxes than they will earn in take home pay.
Is the government’s $1 trillion plus bail out of the financial industry at the expense of the taxpayer fairness? Only 3% to 4% of homeowners are having difficulty meeting their mortgage obligation and our government’s solution is to take over $1 trillion dollars from hard working taxpayers to fix a problem Democrats caused with their failed policy of forcing lenders to provide home loans to people who could not afford them.
Presidents Kennedy, Reagan, and Bush all proved that lower taxes for working Americans and businesses creates new jobs, spurs entrepreneurship, lowers the unemployment rate, and grows our economy. Since the Reagan policy of lower taxes and smaller government began in the early 1980’s, the US economy has been in a recession a mere 16 months while producing over 50 million jobs. Socialist Europe can only dream of these economic statistics. Democrat claims that the Bush tax cuts only benefited the so called rich and left behind the middle class is class warfare rhetoric that is simply not true. The Bush tax cuts produced astounding economic growth and job growth while the federal government generated record tax revenue. Yes, the federal government actually increases tax revenue when income and capital gains taxes are cut. Under Bush, America has enjoyed six years of economic growth despite a mini recession inherited from the Clinton administration, 9/11, and the ensuing War on Terror.
Class warfare economic policies have never lifted a single person out of poverty and only lead to increased government spending, abuse of power by elected officials, and higher unemployment. Tax increases will cripple today’s weak economy and send our economy into a recession.
If elected president, Barack Obama has $1 trillion in new spending in store for us with no way to pay for it other than sending a tax bill to the two thirds of working Americans who pay taxes. The economy can only grow if working Americans are allowed keep more of their hard earned money. Our Founding Fathers created our government to be a government of the people by the people. Slick talking politicians who want to decide who makes too much or too little money are not serving the people, and are not worthy of our vote.