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Obama's Perverse Plan for Permanent Recession


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obamas-perverse-plan-for-permaAmerican Spectator:

 

President Obama told the nation in his June 14 economic policy address in Cleveland that his economic policy plans for a second term would "create strong sustained growth;…pay down our long term debt; and most of all…generate good, middle-class jobs…." He then spent almost an hour describing policies that would do just the opposite.

He did not begin the speech with much credibility on how to achieve those goals. He has been President for almost four years, and has done nothing to generate strong sustained growth, pay down our long term debt, and most of all generate good middle class jobs.

And what he proposed in the speech as all sides bemoaned was just more of the same. But apparently he thinks we are too stupid to recognize that these are the same left-wing extremist policies that have failed us throughout his presidency, and, indeed, throughout world history. Certainly that seems to be true of his continued supporters.

No. 1: Raise Tax Rates

Under President Obama's plan, on January 1 the top tax rates of virtually every major federal tax will increase sharply, as he has already enacted under current law. That is because the tax increases of Obamacare would go into effect, and the Bush tax cuts would expire, which Obama refuses to renew for singles making over $200,000 a year, and couples making over $250,000. The English translation of that target for the tax increases is the nation's small businesses, job creators and investors.

As a result, with the Bush tax cuts just expiring for these targeted taxpayers, the top 2 income tax rates would jump by nearly 20%, the capital gains tax rate would soar by nearly 60%, the tax rate on dividends would nearly triple, the Medicare payroll tax rate would skyrocket by 62% for the above disfavored taxpayers, and the top death tax rate would rise from the grave to 55%.

That is all on top of the highest corporate tax rate in the industrialized world at nearly 40%, counting the federal corporate rate of 35% and state corporate rates on average. But under Obama, there is no relief in sight. Instead, Obama is pushing still more tax increases. Under his proposed Buffett rule, the capital gains tax rate would increase by 100%, and would be the fourth highest rate in the industrialized world. Many OECD countries, in fact, impose no capital gains tax at all because it is just another layer of taxation on capital income on top of the corporate and individual income taxes. All of this would leave American businesses uncompetitive in the global economy.Scissors-32x32.png

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