He says his plan is to take from the very rich only because they make way to much money, big oil, big tobacco, and big anything that makes any kind of 'profit'. Profit is bad according to the socialists - it isn't fair that someone makes a profit while others don't - If we take even more from the rich that are already paying thirty percent of all taxes, how will the rich build new factories to create new jobs that puts money in our pockets?
How will anyone become productive with no incentives? Socialism at it's best.
The scary part of this whole plan is Barack Obama has no idea what he is taking about but the power that lurks behind the curtain does - the Democrat National Committee. They are running the show and they are not nice people. They are Marxist socialists - they have no intention of doing anything that will benefit the general public without taking their share off the top.
Witness Obama, Reid and Pelosi refusing to address the catastrophic problem of energy - they went home for five weeks while the entire nation suffers. They do not care!! - da - It's about power - It's about control of the electorate to get what they want any way they can.
I have said this time and time again and the Democrats prove me right time and time again. The biggest question of all is why do they continue to be reelected?
Keep the faith, the battle field changes every day.
Obamanomics Clarified
By MICHAEL J. BOSKIN August 4, 2008; Page
Obamanomics Is a Recipe for Recession. I was among the many who took Barack Obama's statements that he would "end the Bush tax cuts for the top incomes" too literally. I interpreted this to mean a return to the pre-Bush tax rates of 39.6% on ordinary income and 20% on capital gains.
The Obama campaign has now clarified that he proposes to do this for labor earnings, but not for capital gains and dividends. I am told that Mr. Obama declared last year that he would raise these rates to "no more than the Reagan rate," by which he apparently means to 28%, from the current 15%. Mr. Obama would thus raise the tax rate on capital gains by about three times as much as President Bush cut it, but he'd preserve at least some of the Bush reduction in the double-taxation of dividends./(Continued below.)/[Obamanomics Clarified]
The 28% rate on capital gains was the price President Ronald Reagan paid to pass the 1986 Tax Reform Act that lowered the top marginal tax rate on ordinary income (including dividends) to 28%. The capital gains rate was cut to 20% in 1997 under President Bill Clinton, and again to 15% in 2003 under President Bush.
However, Mr. Obama is proposing to raise the top marginal rate on wages (also interest, rent and royalties, etc.) more than 40% above the corresponding Reagan rate of 28%.
Mr. Obama would thus give us the worst of both worlds: tax rates on ordinary income 40% higher than Reagan and on capital gains 40% higher than Clinton. Raising the rate on capital gains to 28% would greatly reduce the ability of firms to minimize double taxation by returning cash to their shareholders through repurchases.
As for dividends, the Obama plan would nearly double the tax to 28% from 15%.I have revised the table that accompanied my op-ed showing the negative effects on the after-tax returns on investments to reflect the clarification. It is also available at http://www.stanford.edu/~boskin/
I'm glad to hear that Mr. Obama is willing to retain at least a portion of the Bush tax cuts on dividends. But nearly doubling the tax rates on capital gains and dividends to 28% is a terrible idea that would damage fragile financial markets and the economy.
*Mr. Boskin is a professor of economics at Stanford University and a senior fellow at the Hoover Institution; he was chairman of the President's Council of Economic Advisers in the George H.W. Bush White House. (The Journal has frequently invited the Obama campaign to explain its tax plans in our pages, and we gladly repeat the invitation publicly here today.)*
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