Before you read the rest of this article, you need to know a couple of things about me. First, I am a middle class American, struggling to make it paycheck to paycheck to raise my family. Second, I failed economics in high school...twice.
Now that I've cleared the air on that, lets continue with my opinions (facts really, as I eventually passed economics) about our economy.
Senator Obama's plan to 'fix' our economy is to raise taxes on the 'rich' in our country and cut taxes for 95% of the rest of us. He also wants to double the capital gains tax and impose a 'windfall profits tax' on the evil oil companies. I'll use one term that will sum up all that crap - income redistribution (for those needing further defining, see also socialism, communism, marxism, and robin hoodism). So with my limited economic knowledge, lets break some of this down....
You can't cut taxes for people who don't pay them to begin with. 43 million American income earners have no income tax liability, or about a quarter. That cuts it down to 70% who will allegedly have their taxes cut. So when their taxes are cut, and the taxes are raised for the evil upper 5% (who already pay about 60% of income taxes to begin with, again see income redistribution), who will pay the difference? The same 70% who got their taxes cut, stupid! They may not give it directly to the government anymore, but they will give it in higher prices for everything they buy. Couple that with windfall profits taxes and doubling the capital gains taxes, corporations are going to get their money anyway - because they're going to pass it on to you.
Now, Obama has given some tug on your heart strings examples of why he's going to soak the rich. We've heard about the single mother waitress who makes minimum wage and works for tips, and that if he has more than her, he doesn't have a problem giving some to her. Even though as a former waiter myself, and I subscribe to the theory that Tipping is not a city in China, I don't expect the government to force the rich to be 'neighborly' and compel them to give me more just because they have it. What happened to the American Dream? What happened to personal responsibility? If that waitress wants more money, why doesn't she work harder for it, or use the tax credits and grants available to get educated and get a better job? This is another example of how the left wants to impose a socialist state and control every penny you make, so they can 'even the playing field'. They want you to depend on them for everything, they fear a country where you don't need them.
Income redistribution has been campaign fodder for liberals now for generations. All I ask of those in the middle class like me is to read between the lines. Obama's tax plan is nothing more than a smoke and mirrors, play to wallets of those who may not know any better stunt.
If you want to read about a tax plan that will work, visit www.johnmccain.com.
If you want to read about a tax plan that will work even better, and possibly return us to the financial and industrial powerhouse of the world, vist www.fairtax.org.