Comments Posted By Marc
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Obama keeps speaking of "fairness", even if it doesn't make any economic sense. He has said that even though it has been proven a 15% capital gain tax gets the government more tax revenue than higher rates, he would still raise it for "fairness". 100 million Americans own stock or mutual funds (this is obviously NOT only the rich), so raising tax on capital gains will impact a significant portion of the middle class and disincentivize investment and hence economic growth.
Even though the top 5% of income earners contribute to 60% of the total income tax revenue, it is for "fairness" that he will increase their taxes. This is in light of the fact that 40% of Americans pay no income tax at all. Charge people "progressively" a higher tax rate and I fear the economy will suffer worse (much more would certainly go off shore), reducing tax revenues and therefore negatively impacting social services to those that need it the most.
We are taxed publicly for our income EACH YEAR. A loss in the following year is incurred personally. Keep in mind that most small businesses fail because of cash flow problems. You don't get a break in the next year and, under Obama's plan, the cash flow that you may need will be in the government's hand, not yours. Only about 5% of people start and run businesses. Their work employs the other 95% of us. A 20% profit margin is required to incentivize the 5% of entrepreneurs, because otherwise it is safer for them to put the money in lower risk investments. Take away the profit incentive and there will be significantly fewer small businesses to employ the rest of us. So much for fairness.
I am one who is very charmed by Obama and WANTED desperately to believe in him, and to vote for him. The more I hear from Obama, it becomes apparent that he holds many of the beliefs of the stereotypical university professor socialist (if not borderline Marxist), while conducting his campaign with the precision of a true cult of personality. His rhetoric is powerful, his voice compelling. His words are carefully chosen to be palatable to the American electorate.
Beneath the surface, however, it is becoming increasingly obvious that Obama is a radical socialist and his ideals (while sounding nice when packaged so pleasantly) are patently in contrast with the relatively free market and entrepreneurial principals that made America a great nation. His views and policies are in contrast with the same principals that made the socioeconomic mobility, of Obama himself, and his to rise to the top of the economic, social and political hierarchy possible.
Comment Posted By Marc On 1.11.2008 @ 12:30
