Posted by
Vonnie on Tuesday, August 19, 2008 6:03:58 PM
Obama purposes that 95% of taxpayers will receive a tax cut, for an overall tax cut.
This is misleading.
Yes, it cuts the taxes of 95% of the taxpayers.
Yes, it brings the taxes of the rich to what the rate was in the 1990's.
But, because he is giving out so much of the rich's money to the remainder, he does not have enough to buy those votes.
The rich will have an additional tax of $131 bln to give to 95% taxpayers for an additional tax cut $155 bln. This Obama Tax cut results in a $24 bln deficit to add to the nearly one trillion of Obama purposed give-away programs.
Last year's tax collected was more than any other time in history. If the rich are taxed more, they invest less and on safer risks.
This means less jobs, less pay raises, less research, less invention, less cures, less charity.
Then, because the rich have less invested, they will have less income to tax.
Obama is assuming that the earned income will stay constant, therefore receiving an additional tax rate for the same earned income to get to his $151 bln.
This extra 4.5% tax hike will cause the rich to retract and earn less income than today. So, instead of collecting more than anytime history and instead of receiving an extra $131 bln, Obama will not have the additional $131 bln and then some. Obama will have to come up with this $131 bln plus that he had promised out to the 95%. Let them eat cake.
See this link for reference: http://taxfoundation.org/publications/show/23319.html
So, Obama will blame Bush or the rich for using loop-holes.
This is how they justify their acquations. They say 60% of companies do not pay their taxes. But, disclose with less publicity in the study that 85% of these companies did not make a profit or had loses. Large corporation with large profits do pay their fair share taxes.
Some want to re-distribute wealth from corporations or rich no matter how hard they work. They want the rich and corporations to hand over to those who do not know how to produce efficiently. Those non-producers are the congress persons.
Then, Obama will tax the corporations that leave this country. I call this a one-time tax for the cost of doing business.