Wednesday, June 11, 2008

Obama's Spending Plans involve a smash and grab raid on American Taxpayers

Many voters are besotted with the rhetoric, oomph and personality of Barack Obama. All this comes with a price tag. Unfortunately most of his supporters have failed to delve into the specifics of his taxation policy.
Obama’s taxation policies are a mirror image of the failed taxation policies of the French and Swedish Socialist parties.

He has promised to raise the capital gains tax from the current 15% to 28%. This is a recipe for disaster. Lower rates of capital gains tax bring in higher revenue yields. Reganomics proved the veracity of this statement.
Obama’s capital gains tax increase will hit 100 million American tax payers. Investors are likely to move in advance of an Obama Presidency- to sell shares. This may trigger a stock market crash.

He is a strong believer in higher Government spending. His promises so far amount to $800 billion over four years.

He intends to allow the 2001 and 2003 Bush tax cuts to expire in 2010. This will raise taxes on millions of Americans by many billions of dollars.

He intends to tamper with the $102,000 FICA payroll tax cap. A President Obama will ensure that anyone making over $102,000 will pay an additional 7% in taxes on earned income.
He also intends to target the loan dividend tax rate implemented by George Bush.

Obama’s rhetoric may hypnotise many voters but his taxation policies leave a sour taste. He is on the extreme left of the Democratic Party and is no more than a tax and spend liberal. He is the darling of the Democratic Socialists of America .This group was formed from an amalgamation of Trotskyites, Communists and extreme left elements.

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