Saturday, October 18, 2008
© Copyright 2015
Gwinnett Daily Post
Under Barack Obama's tax proposal, the top 1 percent of taxpayers will pay more taxes than the bottom 80 percent combined. Twenty-five percent of households will pay higher taxes because Obama would raise the tax on dividends and capital gains from 15 percent to 25 percent, which will adversely affect 401(k)'s. And raising corporate income taxes will merely result in their being passed on to the public via higher prices and the flight of jobs and financial resources overseas.
The above negates Barrack's claim that 95 percent of taxpayers - those making less than $250,000 per year - will realize a reduction in taxes paid. Some 44 percent of "taxpayers" will pay no taxes at all and will in fact get an increase in their "tax refund" by way of the earned income tax credit, which is a total joke on working Americans. When some get something for nothing, others get nothing for something.
The bottom line: You can't make the poor rich by making the rich poor - the rich will be long gone before that happens. The result will be the replacement of capitalism with socialism and cradle to grave control of one's life by the government whose reputation for inefficiency and corruption is legend.