It's been known that Obama proposes tax cuts on those people who are making $150,000 or less. But he wants to raise taxes on the rich, those who make $250,000 or more. He is hoping to have it cut both ways: making the middle class happy by tax cuts and taxing the rich to death.
Obama believes this will spark bottom-up economic growth, but like most of his views, he usually gets it wrong.
Let's get something here straightened out first before continuing with this blog: making $250,000 is no chickenfeed. It's a lot of money, in fact, it's a luxury not enjoyed by large segments of this world's population. As it may be, however, it's utterly ridiculous to cast down those who are wealthy enough to enjoy luxurious lifestyles.
The rich are, in my view, neither our friends nor foes. Even so, we do need the rich to provide us with sources of venture capital, jobs, corporations, stocks, and other things. We work for the rich, and the rich works for us, as well! How is the rich working for us? By providing us with goods and services that nobody else could afford to provide. When the rich is taxed heavily, it leaves little investment into our economy.
However, Obama is saying certain things that's not necessarily true.
In the London interview, Obama states:
“We’ve got to deal with the fact that a lot more people are unemployed and are going to need unemployment benefits. We’ve got to shore up the housing market because people are experiencing foreclosures,” he said.
For the record, the statistics on unemployment indicate that the current percentage is holding at 5.5%, despite the recent rash of job laid-offs. That's still quite low as compared to other countries like Germany (11.7%) or France (9.9%). However, these rates were taken from 2005 estimates, so who knows what current percentages are right now. But that's besides the point I'm making, which is the United States' unemployment rate is still low.
So, it's true, that perhaps on surface, more people are losing jobs, but is it a good reason to go out and start taxing the rich to death? Obama's plan is deceptive at its heart. It attempts to play on Bush tax cuts, offers a grumbling acknowledgement that they did work, but still insists on taxing the rich. It plays well on some of the middle class families, because let's face it, who really cares about the rich?
Truthfully, I've never seen a personal paycheck that goes over $1,000, so I don't know what it is like to be rich. Some of you do. Good for you. Yet, I don't know who you are. I don't know what kind of lifestyle you are living right now. I don't know what your spending habits are like, and I don't want to know. That's between you and God. I could care less about your wealth, I don't carea if it's the result of hard work or family inheritance. I don't care at all. But it's time for everybody to acknowledge that the rich and middle class need each other.
I am not your friend, but neither am I your enemy.
So if some wealthy (or middle class) people lose their houses, that's their problem. Don't expect me to be happy to bail them out through taxes. I believe Congress is making one of biggest mistakes, bailing out troublesome house mortage payers. It would appear that more and more people are expecting government to bail them out of every problem that comes their way. Thus, it's something that's terribly wrong with America and its values she upholds right now.
The last thing I want to see is an Obama presidency making those kind of bad values a permanment part of American political traditions. The rich certainly doesn't need it, neither does the middle class.