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Obama’s economic plans take from the middle class

A word of caution about Barack Obama’s economic policy: Watch your wallet. First, his plan includes nearly doubling capital gains tax. This hurts middle-class families.

In 2005, 47 percent of taxpayers reporting capital gains made less than $50,000. He says he’ll raise income taxes and payroll taxes on North Carolina businesses. He’ll tax coal and natural gas, the two largest sources of electricity in the United States. He’ll impose a windfall profits tax on oil companies, already taxed at 35 percent, one of the highest rates in the world. Those taxes will be passed to the consumer, increasing gas prices even further. The last time a windfall profit tax was tried, U.S. oil production decreased, the price of gas increased, there were oil shortages, and the weak economy got weaker.

Obama’s love for taxes is not new. As senator, he voted 94 times for higher taxes: opposed eliminating the death tax, opposed repeal of the tax increase on Social Security benefits, opposed repeal of increases in AMT, opposed an income-tax deduction for people purchasing their own health insurance. The National Taxpayers Union gave him an “F” for his voting record on taxes. This is not change we can afford!

Warren Nash
Greensboro

Comments (16)

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Rufus_T.Firefly [TypeKey Profile Page] said:

He'll do this and he'll do that. It's easy to make up stuff.

What he seems to be implying is that Obama will be more fiscally disciplined than the reps.

Is fear of fiscal discipline going to be what frightens the public into voting for McBush.

I can see the political ads.

"Do we really want to go back to the failed fiscal policies of the '90s??"

Well do we???????????

Kornbluth [TypeKey Profile Page] said:

Yes, Rufus, it's easy to make up stuff, but you may be giving Mr. Nash too much credit.

http://www.jacksonville.com/tu-online/stories/062508/opl_294832235.shtml

As always, the GNR "astroturf" screeners are on the ball.

Conundrum [TypeKey Profile Page] said:

Mr. Nash's letter, which he obviously stole with pride from another writer and forgot to give that writer credit, is just another example of example of a Republican trying to smear a Democrat; but, he forgot to take the log out of his own eye (plagarism), before he accused someone else. I will admit that Mr. Nash has that "copy and paste" thing down. At least Sen. Obama can come up with own ideas.

Rufus_T.Firefly [TypeKey Profile Page] said:

Kornbluth,

Apparently it's harder than I thought to make up stuff.

Good catch.

BTW. Remember the underground attack on McCain in 2000, the rumor that he had a black baby somewhere.

They're floating the same rumor about Obama this year.

Will this madness never end??

Dan [TypeKey Profile Page] said:

Even though I agree that Obama will raise taxes big time I find it pathetic that someone cannot make their argument using their own words.

Conundrum [TypeKey Profile Page] said:

Dan, here's a quote from the NYT about Obama's proposed economic plan:

"Mr. Obama’s economic plan also looks remarkably like the Clinton 1992 plan: a mixture of higher taxes on the rich, tax breaks for the middle class and public investment (this time with a focus on alternative energy)." Dan, unless you are rich, you should be receiving tax breaks.

Rufus, here's a link to an entire town that appears to have bought into rumors about Obama:

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/29/AR2008062901871.html?hpid=topnews

hugh [TypeKey Profile Page] said:

Rufus, according to this article McCain did indeed have a black baby and McCain is not denying it.

It's his adopted daughter from Bangladesh.
http://www.jpost.com/servlet/Satellite?pagename=JPost%2FJPArticle%2FShowFull&cid=1214492529435

Dan [TypeKey Profile Page] said:

conundrum, the bottom 50% of income earners paid 3% of Federal income taxes in 2005. The top 1% paid almost 40%, the top 5% paid almost 60% and the top 10% paid almost 70%.

http://www.ntu.org/main/page.php?PageID=6

Obama plans on eliminating any taxes for 10 million of the lowest income earners. With no taxes and more govt. social programs where is the incentive to better oneself?

I can't find Obama's definition of "rich" (perhaps you can) but as my wife and I fall into the top 10% bracket we will likely be considered rich. Bottom line, I'm looking for my taxes to rise under an Obama presidency.

If they rise substantially I will look for ways to earn less income.

So those who earn less will have no incentive to earn more, neither will those who earn more as the govt. will redistribute their money anyway. Sound like a good idea to you?

Many Americans have been sold a bill of goods that rich people need punishment for their success and less rich people can simply have the govt. take care of their needs at the expense of producers. Pathetic.

Rufus_T.Firefly [TypeKey Profile Page] said:

"Many Americans have been sold a bill of goods that rich people need punishment for their success and less rich people can simply have the govt. take care of their needs at the expense of producers."

So if you see a rich man today, say a kind word to him. Take him to lunch. They've been down so long.

It'll mean the world to him.

Dan [TypeKey Profile Page] said:

I don't know about lunch Rufus but thanks would be in order. That rich man has likely created jobs, products and services we want and need and likely given to charity. The class envy card plays well.

So if the top 10% of income earners pay 70% of federal taxes, how much more do you think they should pay?

THE LIBERAL CONSERVATIVE [TypeKey Profile Page] said:

Dan, you are such a lemming. Guess you think you're in that group! LOL! Your UNCG economics professor should turn in his/her credentials. Or maybe you missed that day.

Love the way the right wingers cut and paste these fear pieces. Be afraid. Be very afraid. Obama's gonna raise your taxes, marry a gay man and take your guns. Ooooooo. Wooooo. Are you scared yet?

Looks like McBush and his minions are trying to stir up the base.

Rufus_T.Firefly [TypeKey Profile Page] said:

Dan,

I have & I suspect you have been in countries where the rich own everything and the great mass of poor own nothing. Is that right? Concentration of wealth is the direction that our country is headed. I don't mind discouraging that trend.

No rich person has ever created wealth without the help of others. Many have a knack of ordering an organization so they get the lions share of benefits. Look at all of the CEOs of failing organizations that richly reward themselves while cutting the livelihood of others.

Many have taken the genius of others and capitalized on it and the creators of the wealth get bunpkus.

Many if not most rich have inherited their wealth. How much gratitude do we owe them? I am well off (but certainly not rich) partially because my parents were also and I got certain life advantages over some (and less compared to others, that's OK I don't mind).

Some rich deserve respect and some don't. I don't revere them as a class.

It's like my accountant says. "Being rich is a great problem to have".

In todays environment (or even the worst case Obama inspired nightmare) it's really hard to see the rich as victims. This isn't the cultural revolution for gosh sake. The rich are always going to be the top dawgs in this country. Some years they just have to pay a little more for the privilege.

G'nite Dan.

Dan [TypeKey Profile Page] said:

"So if the top 10% of income earners pay 70% of federal taxes, how much more do you think they should pay?"

Nice post Rufus but you didn't answer my question above. Good night.

"Love the way the right wingers cut and paste these fear pieces."

I notice you didn't mention the same in Ms. Hartzell's letter about global warming catastrophe Demon Deacon. What happened to fair and balanced? Notice I condemned this practice in my 10:29 am post.

Apparently my UNC-G education allowed for more perspective than your WFU education.

Welcome back, in a way I missed picking apart your posts bit by bit. It's too easy, kinda like taking the garbage out once a week.

Rufus_T.Firefly [TypeKey Profile Page] said:

"So if the top 10% of income earners pay 70% of federal taxes, how much more do you think they should pay?"

Honestly Dan that doesn't bother me one small bit. I've seen no sign of the monied classes fleeing this great country so the privilege must be worth the pain.

Wealth is concentrating in this country so we must not be taxing them enough.

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