Saturday, September 27, 2008

Obama's free ride

Last night Obama made the point (again) about how he only plans to tax the rich, not 95% of the rest of us.

Even though Obama admits that we are in the most serious economic crisis since the Great Depression, this doesn't seem to have affected his extravagant spending plans in the least!
For example, last night Obama insisted that he just couldn't cut his proposed early childhood education program!

While Congress is working on a 700 billion dollar bail-out package, Obama thinks pouring more tax dollars into an early childhood education program is one of the essentials! He is clearly out of touch with reality!

But let's engage in a wild flight of fantasy and imagine that Obama would really be able to fund all his enormously expensive programs just by taxing the upper 5%. What exactly do you think this upper 5% is going to do with their higher tax bill?

Does anyone honestly think these companies will just absorb the increased taxes? Of course not! They will pass the increased taxes on to you by way of higher prices for food, for clothes, for gasoline, for cars, for everything! There is no free ride for all of Obama's very expensive new programs. You will pay for them!.....if you still have a job, that is.

As McCain pointed out last night, "Right now, the United States of American business pays the second-highest business taxes in the world, 35 percent. Ireland pays 11 percent." There comes a point at which more and more companies will just decide they can do busness better overseas (just like they've been outsoursing more and more of our jobs overseas). The result will be fewer and fewer jobs which means fewer and fewer less tax dollars going in to the U.S. Treasury, which means higher and higher taxes for more than just the top 5%.

There is no free ride. All those who think that Obama's many wonderful new programs will not cost them anything are deluding themselves!

2 comments:

Kevin said...

Obama did point out that through tax loopholes the effective tax rate of these companies may be substantially lower. He's got a very good point... he should consider supporting the FairTax so that taxes are fair, easy to understand, and equally distributed... so Washington politicians can't increase their powerbase by giving tax breaks to special interests, corporations, unions, and their special constituents.

Obama's not interested in really fixing the tax code, he just wants more breaks for his constituency.

professor ed said...

Each time Obama talks about taxing only the "rich", I say to myself "self", how can he limit his taxation to the "rich" alone, when he is determined to offer a national plan for socialized medicine. Does he really think the "rich" alone will gladly pay for insuring the questionable "40 million uninsured" that he is so eager to help?