Tag Archives: obama

Different Tax Plans, Different Futures

Obama has a bad record when it comes to taxes:

1.

It looks more and more like Joe the Plumber was on to something about taxes, though you wouldn’t know if from most of the polls and media. The Heritage Foundation has the details in our new study: If a President McCain got his way on tax reform, Americans could expect to see jobs, the economy and their own disposable income grow much faster than if a President Obama were to push through his proposals.

As this chart shows, the economy would grow by $320 billion more in 10 years under John McCain’s tax plan than under Barack Obama’s, adjusted for inflation. More than twice as many jobs would be created by the McCain plan — 3.43 million, compared with 1.58 million under the Obama plan…

Continue reading on Cato-at-liberty

2. Transcript of Democratic Debate

MR. GIBSON: And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

SENATOR OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness. We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year — $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That’s not fair. [. . . .]

MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.

SENATOR OBAMA: Well, that might happen or it might not. It depends on what’s happening on Wall Street and how business is going.

Marching Towards Socialism

Quote of the week from a liberal caller that I heard on talk radio: “It is the government’s job to create equality through taxation.”

Wow! What a horrible idea. With less incentive to work hard, this equality would drop to the least common denominator and the economy would crumble. Kind of like Obama’s idea of taxing the profitable companies that support this country and distributing the wealth to the people that don’t even pay taxes. This isn’t even a tax cut for them but simply a handout by redistribution.

Here’s John McCain’s take on this in one of his radio addresses:

Joe explained that he works for a small plumbing and heating company. He’s been thinking about maybe taking over the business when his boss retires. Problem is, that would make Joe one of millions of small business owners who face a sudden increase in taxes under my opponent’s tax plan.

That didn’t seem fair to Joe. He wanted to know why Barack Obama plans to raise taxes on folks who are trying to start or grow a business and create jobs for others. And fairness aside, at a time of serious economic crisis, punishing job creators didn’t seem like a real good way to kick-start a recovery.

My opponent’s answer showed that economic recovery isn’t even his top priority. His goal, as Senator Obama put it, is to “spread the wealth around.”

You see, he believes in redistributing wealth, not in policies that help us all make more of it. Joe, in his plainspoken way, said this sounded a lot like socialism. And a lot of Americans are thinking along those same lines. In the best case, “spreading the wealth around” is a familiar idea from the American left. And that kind of class warfare sure doesn’t sound like a “new kind of politics.”

This would also explain some big problems with my opponent’s claim that he will cut income taxes for 95 percent of Americans. You might ask: How do you cut income taxes for 95 percent of Americans, when more than 40 percent pay no income taxes right now? How do you reduce the number zero?

Well, that’s the key to Barack Obama’s whole plan: Since you can’t reduce taxes on those who pay zero, the government will write them all checks called a tax credit. And the Treasury will cover those checks by taxing other people, including a lot of folks just like Joe.

In other words, Barack Obama’s tax plan would convert the IRS into a giant welfare agency, redistributing massive amounts of wealth at the direction of politicians in Washington. I suppose when you’ve voted against lowering taxes 94 times, as Senator Obama has done, a new definition of the term “tax credit” comes in handy.

At least in Europe, the Socialist leaders who so admire my opponent are upfront about their objectives. They use real numbers and honest language. And we should demand equal candor from Senator Obama. Raising taxes on some in order to give checks to others is not a tax cut it’s just another government giveaway.

What’s more, the Obama tax increase would come at the worst possible time for America, and especially for small businesses like the one Joe dreams of owning. Small businesses provide 16 million jobs in America. And a sudden tax hike will kill those jobs at a time when need to be creating more jobs.

Fortunately, America has an alternative to the phony tax cut my opponent started talking about only months ago. The McCain-Palin tax cut is the real thing. Among our other serious tax reforms, we’re going to reduce every income tax bill in America, and double the child deduction for every family. We will cut the capital gains tax. And we will cut business taxes to help create jobs, and keep American businesses in America.

The Youth Vote

… Brooke, who lives in Denver, is 24 and works in a local arts program. Dave, 23, lives in Connecticut, and isn’t doing a lot now. “I was recently working in an organic lettuce farm in Hawaii, and after that I was a camp counselor, and I’m currently unemployed,” he tells me. Nouri, 22, lives in New York and works for a documentary filmmaker — he’s here tonight as part of a project “making movies about protests and questioning the validity of both the convention and protesting and trying to find a place in that dynamic.” The three of them met when they were students at Wesleyan.

They all admire Obama and very much want him to become president. If that happens, I ask, what would they like to see him do?

“Tangibly?” asks Brooke.

“Well, yes — tangibly.”

“I just think that he has the capacity to really rally people together in a way that I haven’t seen before,” she says. “The other day, I went to the Denver Coliseum to see Rage Against the Machine and the Flobots. And I was astounded by their ability to musically rally a large amount of people towards peaceful protest. There was an amazing march that ensued after the concert; it was unbelievably peaceful and rule-y, as opposed to unruly, but focused and determined, and I feel that on a more general level I would love to see Barack rally a large amount of people, a very large amount of people, all together.”

“Rally them to do anything in particular?” I ask.

Brooke pauses for quite a while. “Well, build morale. Build a sense of empowerment.”

I ask about John McCain.

“Boo!” says Nouri. “He’s a warmongering, oblivious, ill-informed, bought-out politician.”

“Actually, I’d say he’d be a belly itcher and not a pitcher,” Brooke says. “And we would like a pitcher and not a belly itcher.”

The three break into giggles. “We want a pitcher, not a belly itcher!” then begin to chant. “We want a batter, not a broken ladder!”

“McCain’s a broken ladder,” Brooke tells me. …

Source: Byron York: Mile High Youth for Obama

Is this who you want determining the future of America? Could these young adults actually debate any of the issues? Do they know what “change” Obama is promising? Or, are they just part of the celebrity cult of Obama?

Obama’s Attack of Palin

The Weekly Standard says this:

Barack Obama’s spokesman says that Alaska governor Sarah Palin is too inexperienced to be vice president:
“Today, John McCain put the former mayor of a town of 9,000 with zero foreign policy experience a heartbeat away from the presidency. Governor Palin shares John McCain’s commitment to overturning Roe v. Wade, the agenda of Big Oil and continuing George Bush’s failed economic policies — that’s not the change we need, it’s just more of the same,” said Bill Burton, Obama Campaign Spokesman.
Jen Rubin calls the “town of 9,000” line “bittergate II”; Sonny Bunch writes:
“Please,” John McCain is praying right now AS I TYPE, “Let a Democrat say that an executive with 2 years of experience and no foreign policy expertise isn’t ready for the presidency. Oh pretty please. Because you know what I’m going to do? I’m going to take that soundbite, put it in an ad, slap Obama’s mug up there, and run it over and over and over again.”
Because Palin has exactly as much experience as Obama–arguably more, since she’s an executive. The only difference is that she isn’t running for president.
And here’s the official McCain campaign response:
“It is pretty audacious for the Obama campaign to say that Governor Palin is not qualified to be Vice President. She has a record of accomplishment that Senator Obama simply cannot match. Governor Palin has spent her time in office shaking up government in Alaska and actually achieving results — whether it’s taking on corruption, passing ethics reform or stopping wasteful spending and the ‘bridge to nowhere.’ Senator Obama has spent his time in office running for President.” –Jill Hazelbaker, McCain Communications Director

“I worked out with Obama”

As thousands waited at the Sieges Saule monument in Berlin to hear Obama’s sensational speech, a BILD reporter met Barack all alone – in the gym! Here’s the incredible account of Judith Bonesky’s meeting…

It’s 16:02pm and I’ve been training in the gym of the Ritz Carlton hotel in Berlin. A man in a suit approaches me and says: “Barack Obama is about to come and train …“ Shortly after half past four and he actually arrives! Barack Obama is wearing a grey t-shirt, black tracksuit bottoms – and a great smile!

“Hi, how’s it going?“ asks Obama in his deep voice. My heart beats. “Very good, and you?” I say. Obama replies: “Very good, thank you!”

Obama (with toned arms and a strong back) puts on his headphones for his iPod to listen to pop music. He hums quietly. Then he jumps on a fitness bike. He pushes three times on the pedals – but then can’t be bothered with it.

He goes and picks up a pair of 16 kilo weights and starts curling them with his left and right arms, 30 repetitions on each side. Then, amazingly, he picks up the 32 kilo weights! Very slowly he lifts them, first 10 curls with his right, then 10 with his left. He breathes deeply in and out and takes a sip of water from his 0,5 litre Evian bottle.

Shortly before five o’clock Obama comes over and sits directly next to my cross-trainer on the mat. First he does 10 sit-ups, then stretches. Then he looks at his watch and says to his bodyguard: “It’s time, let’s go.” Quickly I ask: “Mr. Obama, could I take a photo?”. “Of course!” he answers, before asking my name and coming over to stand next to me.

“My name’s Judith” I reply. “I’m Barack Obama, nice to meet you!” he says, and puts his arm across my shoulder. I put my arm around his hip – wow, he didn’t even sweat! WHAT A MAN!

Source: In the gym with Barack Obama: BILD reporter gets up close – Bild.de

My goodness! The infatuation with Obama is insane. Honestly, this reads like a satirical article in The Onion. The phrases, “Obama (with toned arms and a strong back)” and “He breathes deeply in and out and takes a sip of water from his 0,5 litre Evian bottle” sound extremely contrived. What’s more, I think the Bild reporter was German. I’m glad the Germans approve.

Obama’s Tax Increase

Senator Obama’s proposed “tax cuts for the middle class” are actually marginal rate hikes in disguise.

It’s pretty simple. If you have an adjusted gross income of between $85,000 and $100,000 or so, Obama won’t raise your marginal tax rates. If you’re anywhere else in the income scale, you’re not so lucky.

Although Obama is offering a new series of tax breaks, they undermine rather than improve economic incentives. First, whether or not you get those breaks will depend on your income. In Washington, taking away tax breaks as families work harder to make more money is called a “phase-out.” Economists have a different name for it—we call it a tax. Reducing a person’s tax credit as his income goes up also reduces his incentive to earn more income.

Source: http://www.american.com/archive/2008/august-08-08/the-folly-of-obama2019s-tax-plan

Comparing the two candidates’ statements on the invasion of Georgia

Senator McCain’s statement:

STATEMENT BY JOHN MCCAIN ON RUSSIA’S AGGRESSION IN GEORGIA For Immediate Release

Contact: Press Office Friday, August 8, 2008

703-650-5550

ARLINGTON, VA — U.S. Senator John McCain issued the following statement regarding the current conflict between Georgia and Russia:

“Today, news reports indicate that Russian military forces crossed an internationally-recognized border into the sovereign territory of Georgia. Russia should immediately and unconditionally cease its military operations and withdraw all forces from sovereign Georgian territory. What is most critical now is to avoid further confrontation between Russian and Georgian military forces. The consequences for Euro-Atlantic stability and security are grave.

“The government of Georgia has called for a cease-fire and for a resumption of direct talks on South Ossetia with international mediators. The U.S. should immediately convene an emergency session of the United Nations Security Council to call on Russia to reverse course. The U.S. should immediately work with the EU and the OSCE to put diplomatic pressure on Russia to reverse this perilous course it has chosen. We should immediately call a meeting of the North Atlantic Council to assess Georgia’s security and review measures NATO can take to contribute to stabilizing this very dangerous situation. Finally, the international community needs to establish a truly independent and neutral peacekeeping force in South Ossetia.”

Senator Obama’s:

Statement of Senator Obama on Tensions in the Caucasus Region Between Georgia and Russia Chicago, IL | July 23, 2008

Chicago, IL — “Over the last several weeks, Russia and Georgia have been engaged in a steadily more dangerous confrontation over two secessionist regions of Georgia — South Ossetia and Abkhazia. Although these territories are located within Georgia’s internationally-recognized borders, the Russian government seems determined to challenge Georgia’s territorial integrity in both places. Developments took an especially provocative turn several days ago when four Russian warplanes violated Georgian airspace close to the Georgian capital for forty minutes.

All parties — Russia first and foremost — must now reduce tensions, avoid the risks of war, and reengage in peaceful negotiations.

As I stated in April of this year, I am committed to upholding the sovereignty and territorial integrity of Georgia. This commitment has long been a fundamental building block of U.S. policy, and it will not change under an Obama Administration. I also affirm Georgia’s right to pursue NATO membership. This aspiration in no way threatens the legitimate defense interests of Georgia’s neighbors.

Only a political settlement can resolve the conflicts over Abkhazia and South Ossetia. Russia needs to roll back the aggressive actions it has taken in the last three months. The Georgian…

“McCain needs only 213 words to get to the point and put out an actual coherent, step-by-step plan. [Obama has a lot of words but nothing of substance.] McCain knows that he can reliably put out a press release on foreign affairs without having to spend an introductory paragraph explaining to his supporters what the Hell is going on.”
(from http://www.redstate.com/diaries/redstate/2008/aug/08/comparing-the-two-candidates-statements-on-t/)
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Obama and Taxes

Above the Law figures just how much an Obama presidency will cost you (that is, if you are making over $164,000):

The effect is enormous. Betsy’s marginal tax rate goes up from an already ridiculous 42.5% to 51.4%—not including the new 6.2% marginal tax on your employer. Subject to how she structures her withholding, Betsy’s take home pay drops an average of $515 a paycheck—less in the early months of the year, but much more in the later months of the year. Add in the effects on her bonus, and Betsy loses nearly $20,000/year in take-home pay.

I added a third column: how big a pay cut would you have to take to receive the same take-home income? The answer is that Obama’s tax increases have a bigger effect on your income than a law firm cutting New York salaries by $34,000.

Now, I’m not anywhere close to making that kind of money right now. I still have another 2 years of medical school to pay for and then another at least 5 years of around $40,000 a year during residency. So the earliest that I’d start earning this income would be around 2015. However, I still feel that the best stimulus for the country is to reduce taxes and limit spending of the non-essential federal programs. Here’s a good article called Ten Myths About the Bush Tax Cuts that explains how the tax cuts stimulated the economy and promoted growth. The key balancing point for the correct tax rate is theorized by the Laffer curve: “This curve illustrates ‘taxable income elasticity’, which is the idea that government can maximize tax revenue by setting tax rates at an optimum point and that neither a 0% tax rate nor a 100% tax rate will generate government revenue. At one extreme, a 0% tax rate means the government’s revenue is, of course, zero. At the other extreme, where there is a 100% tax rate, the government collects zero revenue because (in a ‘rational’ economic model) taxpayers presumably change their behavior in response to the tax rate: either they have no incentive to work or they avoid paying taxes, so the government collects 100% of nothing. Somewhere between 0% and 100%, therefore, lies a tax rate percentage that will maximize revenue.”

Here’s something interesting. National defense spending (including the wars in Iraq and Afghanistan) as a percentage of the GDP is actually 1.5 percentage points below the 45-year historical average.