Obama's left-wing extremism
According to the American Spectator:
Barack Obama has proposed increasing every major Federal tax. He supports increasing individual income tax rates, allowing the Bush tax cuts, which cut rates for all income levels, to expire. He has proposed almost doubling the capital gains tax rate, from 15% today to 28%. He supports more than doubling the tax on dividends, from 15% to as high as 39%. He has proposed numerous corporate tax increases. He supports increasing the death tax back to the stratospheric levels that applied before President Bush. He supports increasing the payroll tax on higher income earners.
In other words, if you run a profitable small business, you can expect to be plundered by the Obamanistas from every angle. If you work for a small business, you can expect to be looking for another job.
Indeed, as economics writer Amity Shlaes has written, Obama promises exactly the same economic policy Herbert Hoover used to turn a downturn in 1929 into the Great Depression. In addition to proposing steep tax increases, particularly sharply increasing the marginal rates that most affect the economy, Obama won the nomination attacking free trade all primary season, even promising voters to renegotiate NAFTA. Is this what our wobbly economy needs right now? Will this really open new opportunities for working people, or shut the door in their faces?
But Obama needs those tax increases to finance his promised massive increases in government spending approaching a trillion dollars over four years. All projections show that America cannot afford all the entitlement promises it has already made, with Federal spending projected to almost double relative to the economy over the next 35 years. Obama just ignores this looming crisis, and, instead, promises to add the largest entitlement of all, national health insurance....click to continue.
