Thursday, October 23, 2008

The slippery slope of tax increases from Obama

Obama says he wants to tax the top 5%, those evil rich. Do you believe him? If so, you are a sucker! Bill Clinton pulled that same stunt in '92-'93.

Obama will start at $250K, then send his bill to congress. Congress will change it to the tax bracket which is taxed at 33%: $160,851 - $349,700: 33% of the amount over $160,850
So that brings $250K down to $160K. This is the slippery slope that Joe the Plummer was talking about. Joe the Plummer is a smart guy, he knows a weasel when one shows up at his residence pandering for votes.

Obama will say he has to go along with congress, and they will raise that tax bracket to 39%, a whopping 6% increase.

His plan also hits small business hard, because that's the tax bracket they use. That 6% comes out of their bottom line, and will lay off employees.

Obama will bite his lower lip, quivering, just like Clinton used to do, and say to the American public: I tried, I tried as hard as I might, but the congress and the economic realities force me to go along with their plan. But don't worry, at $160K, that's still give tax relieve to most Americans, and an increase to those evil rich people at $160K. So the slope is sliding. The next year, they will lower it again, and again, and again.

So whereas only 20% of small business are hit at the $250K figure, as told by the Wall Street Journal, more like 40% are hit at $160K.

Also, Obama will change the capital gains tax from 15% to 28%. That hits all the 50% of people in America who have stocks covered by 401K.

He also has indicated he wants to take away 401K deductions in favor of some sort of government program. So that affects me and you. I will get a tax increase, even though I'm squarely in the middle of the middle class. Simply because of the loss of the 401K tax deduction. This is creaping socialism, and I don't like the creap.

Don't make a bad move, space cadet.

Vote McCain instead, he will cut spending, and keep taxes as they are. That's more freedom than under Obama.


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