Monday, January 19, 2015

Obama Again Calling For Tax Increases - More Divisive Class Warfare

Rather than pitching Comprehensive Tax Reform, which is desperately needed to create broad based economic growth and real job creation again, Socialist Emperor Pinocchio Obama, will once again play the divisive Class Warfare card, in his State of the Union Address calling for even higher taxes on the "rich", the Makers and job creators in society.  The so called rich, defined by Socialists as couples making more than $250,000 a year, are already paying federal income tax rates around 44%, and higher Capital Gains taxes, thanks to ObamaCare, plus an average of 6% in state income taxes.  When coupled with property and sales taxes and many other fees, licenses and other government charges, many couples are giving up 55% or more of their hard earned income.

Yet for Socialists, it is never enough.  In their sick thinking, if only the rich could pay a little more, life would be wonderful for everyone.  Even with Obama's higher taxes, our $18 Trillion National Debt continues to grow with no end in sight.  No matter how much we give Washington, they spend more.  It has to stop.  Obama wants to help the Middle Class.  Really?  The Middle Class has gone backwards as a result of Obamanomics, earning less today than when Obama first took office.   You cannot help the Middle Class by taking more money from the Makers in the private sector  that actually create jobs.  Obama either never took Economics 101 and or if he did take the course, he apparently failed it.  The bigger the government gets, the smaller the private sector.   Real productive jobs happen in the private sector.  Anything that hurts investors and entrepreneurs, as would be the case with Obama's proposed tax increases, hurts the entire economy and in particular the Poor and Middle Class.  It is no accident that Obamanomics has resulted in the lowest labor participation rate and the highest number of Americans on poverty in three decades.  These Obamanistas are all job killers. 

Fortunately, the Congress is controlled by Republicans, so hopefully Obama's higher tax proposals will go no where.  They are DEAD ON ARRIVAL.   We need real tax reform that brings down personal and corporate income tax rates by getting rid of loop holes and gimmicks in the tax code that artificially impact markets.   As it is now, about 50% of Americans pay no income taxes at all.  We have the most progressive income tax system in the world.  And, the working poor, that pay no income taxes, get the Earned Income Tax Credit that gives them money back from the federal government averaging $4,000 a year or more.  How much more progressive can the tax code be when the Makers that pay all the income taxes in our country support the Takers; now about 50% of Americans.  Obama is a Socialist.  If he could do it, he would redistribute all income from the Makers to the Takers until everyone is living in poverty. i.e Cuba.  That is called Communism and we know the end of that dismal story. 

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