About Obama and those taxes

It’s going to cost a lot more than promised if Obama is elected President and passes his tax plans. We talked about it at the end of July where I linked to a Tax Policy Center report.

Also at the end of July, the New York Sun did an analysis showing some New Yorkers will see more than 60% if earning over $375,000. I don’t care how much you hate rich people, it’s unreasonable to expect any person to pay more than half of their income to the government so that it may be redistributed to others.

If you go to the Sun article, be sure to click on the small picture of Obama to see a slide show they’ve prepared. More comparisons are made in chart form and are easy to read. One shows the current wage tax rate in that bracket for a married couple at 42%. McCain would keep it there; under Obama the estimate bumps to 52% to 58% assuming Obama’s proposed Social Security tax increase takes place, too.

For Capital Gains/Dividends Obama wants a bump from 22% to 33%. There’s no faster way to tank an economy than to increase taxes on the investments Americans make. Of course, there are all of those local property taxes, state income taxes, gas taxes, wheel taxes…it’s more than what’s shown here.

So, Shawn, to answer your question, yes. Obama’s plan proposes to take more than half of the income of many Americans. It’s NOT more patriotic to hand over more of your money just because you make more. Countries like France are just coming out of their socialistic bend, instigating a longer work week for example, because they found they had actually hampered productivity with their policies over the years. America is stupidly looking to duplicate France’s mistakes. And yes, I call is a march towards socialism. You don’t have a right to a cell phone or satellite TV. For someone to ask me to pay for food so one can buy those things makes me really angry. One doesn’t have a right to drug addiction. To ask me to support one’s family while pounding the pavement for a fix doesn’t make me happy, either.

Here’s a page that will let you compare tax rates across the world. I like this chart because it also shows VAT – value added tax – rates for the countries that have them. Most countries have them. If we could cut our income taxes, I’d be glad to pay a VAT. Unfortunately, all we ever do is ad to taxes, so I’d fight it unless we went to a flat tax that was lower. (But I’m admittedly a rare person that consumes far less than my income would allow, so truly redistributing taxation for a VAT would help me.)

I don’t know for sure, but I would speculate there are few countries with a tax code as complicated as ours. We reward “good” people by letting them deduct donations to charities. We legislate morality through our tax code. We collect from all of those bad rich people so we can give to those good poor people. I’m saying enough is enough. Something’s gotta give.