Obama's tax plan is one that will destroy our economy if he follows through on his campaign promises - but not only will he make all of pay more in taxes but we will pay more for fuel to run our cars and heat and cool our homes.
He plans to take our 401K's and eliminate the tax free investment of this plan or get rid of it altogether. Obama also wants to tax all sales on the Internet as well as hit garage sales.
What Obama wants is a country completely crushed under a huge federal government that will control all aspect of our lives. Hey, who voted for this guy in the first place?
Keep the faith
President Obama and the Coming Stock Market Crash
How destructive to the U.S. economy would a Barack Obama presidency be?
An exclusive Newsmax analysis warns: There could be a very rough time ahead.
Beneath Obama's flowery rhetoric lies a dangerous economic plan that will wreak havoc on the American economy.
Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.
Worse, Obama says he is absolutely committed to almost doubling the capital gains rate — something he will easily accomplish with a Democrat Congress.
In the coming months — when investors realize that Obama will raise the cap gains rate — there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama's doubling of the tax rates next year.
Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.
He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7 percent in taxes on earned income.
And the loan dividend tax rate George Bush implemented? Under President Obama it will be DOA!
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