In reality...just what would we expect. The man is an abject marxist.
Posted on 06/27/2008 9:32:11 AM PDT by Reagan Man
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.
This contrasts starkly with the McCain plan, according to Hodge, which would give every taxpayer a cut and leave the current tax burden distribution approximately where it is.
"Under the Obama plan for 2009," explains Hodge, "more than $131 billion would be redistributed from the top 1 percent of taxpayers to all other taxpayers."
As a result, the top 1 percent of households would pay more federal taxes of all kinds than the bottom 80 percent of households. That lopsided distribution under Obama does include payroll taxes and other federal taxes, but it excludes the new payroll tax hike that Obama plans to levy on people making more than $250,000 because details about that plan are currently unclear.
"In other words," says Hodge, "it is at this point a cautious estimate to say that in 2009, under Obama's plan, 1.13 million Americans would pay more in all federal taxes than 128 million of their fellow citizens combined."
To put the Obama plan in historical context, Hodge cites various statistics that show the U.S. tax system evolving into one where a majority of Americans pay little or nothing:
Between 1999 and 2006, the number of tax filers who had no income tax liability after taking advantage of their credits and deductions grew from 30 million to nearly 44 million. Looking at all federal taxes combined, the CBO says that between 1990 and 2005, the tax share of the bottom 80 percent of households dropped from 42 percent of the total to 31 percent. Meanwhile, the tax share of the top 1 percent of households rose from 16 percent to 28 percent. In 2004, the nation's tax and spending policies redistributed more than $1 trillion in income from the top 40 percent of American households to the bottom 60 percent of households. Hodge points out that in contrast to much campaign rhetoric about helping low- and middle-income people, Obama's plan redistributes more dollars from the top 1 percent to the rest of the top 20 percent (those earning roughly $93,000 to $192,000 per year) than to any of the lower-earning quintiles of taxpayers.
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.
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not
bound to choose that pattern which best pays the treasury. There is not even a patriotic
duty to increase one’s taxes. Over and over again the Courts have said that there is
nothing sinister in
so arranging affairs as to keep taxes as low as possible. Everyone does it,
rich and poor alike and all do right, for nobody owes any public duty to pay
more than the law demands.”
(US Appeals Court Justice the Honourable Learned Hand)
“The avoidance of taxes is the only intellectual pursuit that carries any reward.”
(John Maynard Keynes)
Sounds like the “bourgeousie capitalist pigs” are in for a fleecing if obambi gets in.
Big O says, ‘I’m just like Robin Hood. Take from the rich and give to we’ . . . LOL, LOL ! Sounds like a plan to me . . . LOL, LOL !
~~~ Thomas Jefferson On Taxes and Debt
Forget arguing the economic consequences. The economic consequences will be devasting in the long term. However the long term will take years to happen. By the time the actual consequences of these policies occurs, it will be too late to change the policies.
The argument against these policies is tyranny and mob rule. The rats want to steal the income and wealth of successful citizens. This situation is just a modern form of the tyranny of the French Revolution.
Well you know BHO is for change you can believe in! Because when he and the DEMONS get control over the gov’t and raise our taxes, thats all we’ll have left! CHANGE!!
“SAY NO TO BO IN 08”
The Arab-American Obama is in the top 1% of American taxpayers.
Big O plans to try and push slavery reparations through Congress. That means he will try to correct 200 years of history with a single stroke of the pen. I can imagine the scene now in my head. I can even see his smile . . .
“Forget arguing the economic consequences. The economic consequences will be devasting in the long term.”
Will they be anything like the devastation caused by the collapse of our manufacturing economy so those rich folk could make more money using semi-slaves out in dog vomit third world hell holes or places like Red China?
“This situation is just a modern form of the tyranny of the French Revolution.”
You may be right. When it starts, where will you be and who will you blame, assuming you blame anyone? Do you anticipate the working class will flock to the banner of a group of internationalist capitalists?
Learned Hand. One of the great names of all time.
Who is John Galt?
Communism! Because Capitalism and the American Constitution are annoying and immoral formalties!
Ayn Rand’s male counterpart.
oh my gawd, ur obviously just another backwards conservative white guy who hates blacks and stuff y don’t u get over urself and start being nice 2 black people cuz ur obviously a racist and stuff JEEZ!
I love the left... and by love, you know, I mean loathe.
In reality...just what would we expect. The man is an abject marxist.
Thanks for your continued posts exposing Obama --- hardcore leftist.
You are welcome, it will take all of us, doing all we can in our spheres of influence, to educate and awaken others to this man’s reality and what he represents, to defeat him and keep him from gaining the reigns of power.
It sounds like you are ready to join the Obama mob. Viva la revolution!
THERE, fixed it!
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