Obama Sees Benefit of not Taxing the Rich
Jun 18, 2008 Political
Barack Obama is cut from the same cloth as many Democrats before him. Tax and spend, and then tax and spend some more. Democrats always talk about taxing the rich as if that would solve our problems and as if the Rich don’t pay enough in taxes as it is. Whenever tax cuts are mentioned Democrats recoil like Dracula exposed to a Cross. Tax cuts are always bad unless the have a candidate running in a conservative region. Then they talk about how wonderful tax cuts are. Of course, to a Democrat, tax cuts are always for the rich. This is partially true because the rich pay most of the taxes in this country. However, the middle class made out better under the last tax cuts than the rich did. I don’t include the poor because they pay little, if any, taxes (why they did not get a rebate when the president cut taxes).
Democrats let the cat out of the bag recently when they discussed the “rebate” checks. They all talked about how the economy would be stimulated and that is what they named the bipartisan venture; The Economic Stimulus Bill. Democrats were forced to admit that allowing Americans to keep more of their money causes them to spend more and is better for the economy. The problem is, they gave the money to people who pay little or no taxes. Notice I say gave. In some cases they returned the money to people who paid taxes but a lot of people who pay absolutely nothing in taxes received tax “rebates” from money paid in by others. The Democrats will admit that lower taxes (that is what an economic stimulus is, after all) are good for the economy when it is an election year but they never quite seem to understand that it is better to take less from people than to take it and give some back when an election is not around the corner.
Barack Obama has been talking about how he will end Bush’s tax cuts “for the rich” and how he will tax people who make more than $250,000 a year. He would also lower taxes on the middle class, a group that shoulders a smaller part of the country’s burden than those making more. Obama is full of taxes. Tax this, tax that but in all of it, he admitted that it might not be wise to tax the rich after all:
Among Obama’s other proposals: raising the tax on capital gains and qualified dividends. However, Obama has raised the possibility of deferring some of his tax hikes on the wealthy given the ailing economy. My Way News
So Barry O Bam Bam understands that taxing the wealthy is not a great idea in a difficult economy. He must understand that doing so would make the economic problems much worse because it is the money of the wealthy that provides jobs and business opportunities. It is also the wealthy spending their money that helps stimulate the economy and when they are taxed more they spend less or, like members of Congress, they look for more tax free investments. If taxing them during down times is a cause for concern then why would it be OK to tax them in up times? Higher taxes result in economic troubles and no country ever taxed its way to prosperity. The way to make things better is for Congress to eliminate wasteful spending and there is a lot of that to eliminate.
Of course, Barry O Bam Bam can’t exactly do that since he is proposing trillions in additional wasteful spending. I am willing to bet he will not defer his plans to spend because of the ailing economy.
Tags: economy, Obama, rebates, spending, stimulus, tax the wealthy, taxes
Democrat Tax Rebates Explained
Apr 4, 2008 Political
I received this via email and it is so accurate that I had to post it.
If you don’t understand the Democrats’ version of tax refunds, perhaps this will help explain it: 50,000 people went to a baseball game, but the game was rained out. A refund was then due. The team was about to mail refunds when a group of Congressional Democrats stopped them and suggested that they send out the ticket refunds based on the Democrat National Committee’s interpretation of fairness.
Originally the refunds were to be paid based on the price each person had paid for the tickets. Unfortunately that meant most of the refund money would be going to the ticket holders that had purchased the most expensive tickets. This, according to the DNC, is considered totally unfair. A decision was then made to pay out the refunds in this manner:
People in the $10 sea ts will get back $15. After all, they have less money to spend on tickets to begin with. Call it an “Earned Income
Ticket Credit.” Persons “earn” it by having few skills, poor work habits, and low ambition, thus keeping them at entry-level wages. People in the $25 seats will get back $25, because it “seems fair.”People in the $50 seats will get back $1, because they already make a lot of money and don’t need a refund. After all, if they can afford a $50 ticket, they must not be paying enough taxes. People in the $75 luxury box seats will each have to pay an additional $25 because it’s the “right thing to do.”
People walking past the stadium that couldn’t afford to buy a ticket for the game each will get a $10 refund, even though they didn’t pay anything for the tickets. They need the most help. Sometimes this is known as Affirmative Action.
Now do you understand? If not, contact Speaker Nancy Pelosi, Senator Ted Kennedy or Senator Hillary Clinton for assistance.
Big Dog Salute to Woodman.
Illegals Might Get Rebates
Jan 30, 2008 Political
If it isn’t bad enough that the government is rushing to send out rebate checks when they are probably not needed and not bad enough that they are sending them to people who paid no taxes, the government might also send rebate checks to ILLEGAL immigrants. The bill, as it is written, specifically states that ILLEGALS are not allowed rebates but since many ILLEGALS use false ID to get jobs and to pay taxes, they might end up collecting a rebate.
It isn’t bad enough that they come here illegally and they get jobs illegally but now they might be collecting a rebate check illegally when millions of Americans will not get one. As I stated, I don’t think the rebates are a smart move and I believe they amount to nothing more than a payoff during an election year. Regardless, the government should not be sending checks to ILLEGALS. To top it off, an ILLEGAL who paid taxes but has been deported might have a check sent to his native country. This is insane.
I don’t care that they paid taxes because they came here ILLEGALLY and they obtained jobs ILLEGALLY. As far as I am concerned they should lose what they paid in and be sent home. The problem is that the IRS is not a law enforcement agency (except when it locks you up for not paying) so it has no idea who is legal and who is not.
As an aside, lost in the rebate issue is the admission by Democrats that tax cuts are good and stimulate the economy. Besides being an election year payoff, the Democrats have admitted that giving people back their own money (in this case someone else’s) brings more revenue into the treasury. Nancy Pelosi stated that each dollar of broad tax cuts leads to $1.26 in economic growth and the mere act of giving it back to stimulate the economy shows they know tax cuts are good. I have news for her, this is true even when the economy is good. Lower taxes mean that people have more money to spend.
But we should not be giving it to ILLEGALS…
Source:
The Crypt
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Economic Relief Package is Socialism
Jan 25, 2008 General
The economy is in a downturn right now with some saying we are headed for or in a recession and others saying that things will be better by the third quarter of the year. The White House and Congress have drafted a plan to stimulate the economy, a package that has rare bipartisan support. The problem with the package is that it is a redistribution of wealth.
The plan calls for rebate checks for people who did not earn enough money to pay income taxes and caps the rebates at income levels of $75,000 for single taxpayers and $150,000 for married taxpayers. The rebates completely phase out at $87,000 and $174,000 respectively. The word rebate in this plan is misleading because a rebate is the return of something a person has paid. When one buys a camera with a rebate then part of what the person paid is sent back. If the economic plan were applied to the business world then one person would buy the camera and the company would send the rebate to a person who did not buy one.
The Democrats are not completely on board with the plan because it does not include more benefits (such as unemployment) along with the redistribution of wealth from those who pay the taxes to those who do not. In other words, they like it but feel it is has enough socialism built into it.
The government likes this plan because it will put money in the hands of people who are likely to spend it. If they gave the money back to the people who actually paid it then about 70% would be invested. Instead, the money will go to those who will run right out and spend it instead of putting some of it away for the future. The plan is short term as well as short sighted and since the government is slow with these kinds of things the money is likely to hit people’s hands about the time the economy starts to get better (depending on what economists one listens to). Additionally, this plan will do absolutely nothing to fix the part of the economy that is causing most of the problems, the housing crunch.
I know one thing that can end with this so called rebate and that is the mantra that our tax policies only help the rich. In this case, the rich are sending their money to the poor. There are some who will say that we are borrowing the money (which increases the deficit) so it is not coming from the rich. In reality, the government will have to get the money from some place and that place is from those who pay taxes.
If we want to stimulate the economy how about we cut taxes across the board so people will have more of their income to spend? How about we make other countries pay tariffs on the items they export to our country. How about we force our elected leaders to limit spending and force them to balance the budget? How about we force them to stop adding pork to bills and end the earmark practice? We could start drilling for our own oil and drive the costs down?
Of course these things are unlikely to happen because our elected officials are short sighted. The only reason they came up with this plan is because it is an election year and they all want to be able to say they helped the poor. While they like to pretend there are enough rich to tax into oblivion, they realize that the middle class and poor make up the lion’s share of our population. They will have far more votes than those who will foot the bill.
Socialism is the way of the left and they will certainly expand upon it should a Democrat be elected to the White House and the Republicans are so fragmented they are going along with it.
Sources:
Washington Post
The Politico