From the Tax Foundation website (link in post 1)
This is pure and simple SOCIALISM. Take it away from the rich -- but what happens if the rich move out of the US, certainly they can afford it.
Posted on 06/28/2008 4:00:50 PM PDT by FocusNexus
Senator Obama's tax plan is a dramatic redistribution of the nation's tax burden, according to a new Tax Foundation analysis.
In Tax Foundation Fiscal Fact, No. 132, Tax Foundation president Scott Hodge uses revenue estimates from the Tax Policy Center to show that Obama's plan would greatly accelerate the decades-long trend toward a federal government that depends for tax revenue almost exclusively on a few high-income people.
Hodge acknowledges that some Americans may cheer this dramatic dependence on the highest earners, but he says the shift should be part of a larger national discussion asking questions such as:
What is the long-term effect on the economy if so few households shoulder such a large share of the tax burden? When a majority of Americans are paying so little for government, will that majority then demand even more services than they would have otherwise? Can a tax system so focused on redistribution be compatible with economic growth? The new study, "Hard Numbers on Obama's Redistribution Plan," is available online at www.taxfoundation.org/publications/show/23319.html
(Excerpt) Read more at hawaiireporter.com ...
Not to mention what it will do to the economy.
From the Tax Foundation website (link in post 1)
This is pure and simple SOCIALISM. Take it away from the rich -- but what happens if the rich move out of the US, certainly they can afford it.
First of all, the rich won’t be rich for long.
Second, unemployment would go through the roof since it’s private enterprise that creates jobs. I don’t see the government investing the money in “businesses” that employ people.
Third, welfare roles would increase. Why work?
Fourth, we’ll all be longing for the days of Jimmy Carter.
do I really have to say it???
I want a confiscatory windfall profits tax on politician outside income from publications and speeches, 2x for AGW books, movies, speeches, grants and prizes.
Obama is a fool. He cannot expect to redistribute wealth at this rate and expect America to be a viable Country.
Sounds good for the masses but if he wins and does what he has promised he would be the President of nothing!
He would be the president of serfs - like Robert Mugabe.
Correct!
Yep fits right into Osama’s plans..
There. Fixed it.
He will be in the Ruling class. The other class will be the rest of us. No more middle class.
That’s what they want. Upper class and Serfs!
If Obama wins, I just might have to fly my beloved flag upside down. We will be in distress.
Obama is a socialist who would expand government regulation over our lives, increase taxes, and thereby undermine freedom and capitalism. He would have us signing the UN’s Kyoto agreement, which would cost our economy hundreds of billions of dollars, if not a trillion dollars. His favorite church preaches hatred of America and hatred of whites. His friends include felons. He would attempt to appease terrorists and terror sponsoring nations. He would dangerously weaken our national defense. In terms of experience, he is a lightweight - unqualified to be president. These are reasons enough to vote for John McCain, to be sure Obama never sets foot in the Oval Office except as a visitor.
Relying on soak-the-rich can’t last because the truly rich have the resources to remove their money from the taxable category. If nothing else, they simply move themselves and their businesses offshore. The small businessmen who remain and who are Officially Rich will not be able to maintain their business as they have to shoulder a greater and greater burden as the real rich get their incomes and assets out of the way. If the megamillionaire CEOs are taxed heavily they will simply go to work for Foreign companies in foreign lands. Their talent and abilities are what is being paid for and they auction them on the market. That market is hardly limited to American companies. I believe that relying on soak-the-rich ultimately will require heavily taxing foreign companies and their employees if they do business in the US. That would make for high tariffs, though the word would not be used. The other “solution”-obvious to the Progressives- is to nationalize industry and then business in general.
“What is the long-term effect on the economy”
or, “who is John Galt?”
Atlas Shrugged was intended to be a warning, not the basis for a glorious 4 year plan.
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