I know it has been some time since I have posted here. I haven't really felt the need to post anything though I thoroughly enjoyed reading some of the blogs that I have read.
I was worried about Al Gore. Not so much because I was just getting into Politics at the time. I was annoyed by Kerry because of his idiotic campaign of his Vietnam War record or lack thereof. But I am actually a bit scared about Obama.
| Percentiles Ranked by AGI | AGI Threshold on Percentiles | Percentage of Federal Personal Income Tax Paid |
| Top 1% | $388,806 | 39.89 |
| Top 5% | $153,542 | 60.14 |
| Top 10% | $108,904 | 70.79 |
| Top 25% | $64,702 | 86.27 |
| Top 50% | $31,987 | 97.01 |
| Bottom 50% | <$31,987 | 2.99 Source |
There are more than a third of Americans who do not pay income taxes at all. How is it that he is going to give 95% of Americans a tax cut?
Obama picked a number that most of Americans identify with as being large: 250,000. Yeah, that is a lot of money. He uses this number because it is OK to soak the rich. "They deserve it, they are rich!" It makes us all feel equal when we tax the rich because "they have it easy" or "they have too much anyway." This is troublesome in so many ways. His class envy tactics are working, they are even beginning to start working on conservatives.
This story has some interesting things to say about Obama's tax plan.
While Obama has publicly embraced a tax rate of 40 percent for couples earning over $350,000, his tax policies would result in a staggering 45 percent effective marginal rate in the $110,000 to $120,000 income range for this family. That is 11 percentage points higher than under current law.
He is making the tax law more complicated.
While both candidates will reduce their tax plans to clever sound bites, voters should consider how those plans would affect incentives to earn income. Unfortunately, Senator Obama's proposed "tax cuts for the middle class" are actually marginal rate hikes in disguise.
Democrats do not lower taxes. Obama is not lowering taxes.
This article has this to say:
And just watch the Great Obama perform a feat never yet managed in all history. He will create that enormous new government health program, spend billions to transform our energy economy, provide financial assistance to former Soviet satellites, invest in infrastructure, increase education spending, provide job training assistance, and give 95% of Americans a tax (ahem) cut -- all without raising the deficit a single penny! And he'll do it in the middle of a financial crisis. And with falling tax revenues! Voila!
100 Economist do not agree with his plan
We are equally concerned with his proposals to increase tax rates on labor income and investment. His dividend and capital gains tax increases would reduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation and expansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance.
"Lets soak the rich who make $250,000. They deserve it because you are all fighting out there trying to make it. And if we just spread the wealth around then we will all be happy and justified."
But he doesn't say anything about the death tax, or the self employment tax or his marriage tax or the halving of the child tax credit or the capital gains tax. We are just going to take from the rich and give to the poor because that is right and moral.
It is called socialistic elitism and it was talked about in a famous book called 1984:
"new aristocracy"
made up for the most part of bureaucrats, scientists, technicians, trade-union organizers, publicity experts, sociologists, teachers, journalists, and professional politicians.
They know what is best for us.
Labels: Obama
