Obama's tax increases won't hurt me – wanna bet?Submitted by patriotfilms on Fri, 11/14/2008 - 14:20
Posted: November 14, 2008
1:00 am Eastern
By Greg Knapp
A caller to my radio show said, "Obama is going to cut taxes for 95 percent of Americans and only raise it on people making more than $250,000 a year. I don't make $250,000 year, so it won't hurt me. It will help me and it will be more fair."
Right. Then a shaft of light will come down through the clouds and shine on THE ONE. We will have jobs for the jobless, homes for the homeless, the markets will rise, the oceans will fall, and we will begin healing the planet. Someone pass me a tissue.
It's time for a reality check. Obama's proposed tax increases and plans for our economy will hurt everyone, regardless of income level. They will stifle job creation, and they will most assuredly not be fair.
We tried raising taxes on the rich during a recession once and we ended up with the Great Depression. Hey, maybe this time it will work!
Ralph Reiland of the Pittsburgh Tribune Review interviewed a couple of plumbers who own their own companies. Both men stated the Obama tax increases would lead them to lay off employees. The average wage of their employees is $31,200 a year. Here is how the plumbers broke down the damage of the Obama plan:
Seven required sick days a year instead of the three they give now – one office worker fired.
Obama's health care plan requiring 100 percent premiums paid by the employer or they face a tax penalty – three installers fired.
Increase in income taxes and Social Security taxes on their income as small-business owners – another installer fired.
That doesn't even include how the disincentive to grow your business will affect how many new jobs are never created. How many people will decide it's not worth it to take enormous risks and put in all the effort required to start and run a business when you're going to be taxed this heavily when you finally succeed?
Raising taxes on capital gains and dividends will immediately devalue our stock markets even more than we've already seen and hurt people's 401(k)s even more. About 50 million Americans currently own stocks. Most of them are not making $250,000 a year. Thanks, Obama.
Obama is very concerned about fairness. His supporters agree that "the rich" are not paying their fair share. Charlie Gibson of ABC News reminded Obama in a debate that every time we cut the capital gains tax rate we see an increase in tax revenues. Gibson then asked Obama, knowing this, why would you want to increase capital gains taxes? Obama's response? Fairness. It seems Obama's plan is that we all end up equally poor. I guess that's fair.
The truth is "the rich" are already paying more than their fair share. According to the Treasury Department, in 2005 the richest 5 percent in America earned 36 percent of all the income and paid 60 percent of all the income taxes. The way I see it, "the rich" are already paying almost twice their fair share.
But 95 percent of Americans are going to get a tax cut, right? That's a bit hard to do when only 40 percent of Americans currently pay income taxes. A lot of Obama's tax cuts are really refundable tax credits. That means if you don't pay income taxes, you still get a check in the mail. That also means that our government will be taking money from one group of people at the point of a gun and giving it to another group of people. If you don't think it's at the point of a gun, don't pay your taxes and see how long it takes for the guys with the guns to show up at your door. What do you call that? Charity? Welfare? Oh, I know. Theft! Sorry, legalized theft.
Hey, we've always had a progressive tax code and it has always redistributed the wealth. But we have never had a president who articulated that the purpose of our tax code is to redistribute the wealth. That is certainly not what our Constitution says.
It's interesting to see how Obama supporters react when their income is treated the way Obama wants to treat the income of the top 5 percent of America.
In Indianapolis, hundreds of people who were hired to canvass for Obama were not paid on time. Police had to be called in to handle the crowd demanding their money. One campaign worker yelled, "I want my money today! It's my money. I want it right now!" I bet that gentleman would just love to have the government take more of his money to give to others who didn't get the "opportunity" to work for Obama like he did.
This argument about taxes has taken quite a few turns. Joe Biden said the rich should pay more taxes to be patriotic. Obama said the Republicans have found new virtue in being selfish. There even seems to be some misunderstanding on compassion.
It is not compassionate and generous to give away other people's money, yet that is what Obama and the Democrats want to do and what they want credit for. The American people are the most generous on the planet. They voluntarily give away billions every year. That's true compassion.
I want to make everyone's taxes low. I'm for a flat tax or a national sales tax. It would be fairer and more compassionate. Low taxes allow the economy to grow, more jobs to be created and for more wealth to be created for all.
That's change you can believe in.