Posted on 08/23/2008 7:03:27 PM PDT by FocusNexus
We now know what Obama has in store for the American economy. Let's start with energy. His is the traditional Democratic tilt in favour of renewables, ethanol and conservation. But with the polls showing that more than 70% of Americans favour opening offshore America and federal lands to drilling, Obama panicked. He now says he will go along with a comprehensive deal that includes new taxes on oil companies in return for a relaxation of restrictions on offshore drilling, so long as it is done in an environmentally sensitive way, which means that there will be no offshore drilling.
As for nuclear, Obama says he does not oppose building new plants so long as the waste-disposal problem is solved. Which he makes sure it will not be by opposing the opening of the Yucca Mountain nuclear waste repository in Nevada. All in all, Obama’s plan to get America off foreign oil in 10 years is no plan at all. Solar, wind and corn are no match for Saudi oil when moms fill their tanks en route to picking up the kids at school.
Obama plans to redistribute wealth from the "rich" to the middle class. The top tax rate will go from 36% to 39.5%. Tax rates on dividends and capital gains will rise from 15% to 20% on individuals who are making more than $200,000 a year and on families earning more than $250,000, and 10 years hence payroll taxes on earnings above $250,000 will rise significantly. The estate tax would rise to 45% on estates that are valued at more than $7m per couple.
(Excerpt) Read more at business.timesonline.co.uk ...
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