The Obama case for raising taxes on the rich, is an attack against the American economy. All sectors of the economy will be effected by this effort by Obama to punish success. However, where Unions are involved, the Obama deems them “Too Big To Fail”. Take the automotive industry, the General Motors bailout. The people that benefited from that colossal act of stupidity were the Unions. The people that were screwed by the Obama, were the stock holders. So, if you had General Motors in your 401K, your IRA, and a individual stock holder, you lost money. The Obama stole it from you. Unions are in lock step with the Obama and they want your money. Particularly, Public Unions are some of the most greediest of all Unions.
The Obama and Democrats argument is that the Rich don’t pay their fair share of taxes. However, looking at the Congressional Budget Office data on entire incomes Americans that pay taxes including Federal, Social, and Corporate; the picture begins to open to tax reality.
The main findings: The overall effective federal tax rate (the ratio of federal taxes to household income) was 20.7 percent in 2006, with the highest quintile of American households paying 25.8 percent of their income in federal taxes.
Because higher-income groups earn a disproportionate share of pretax income and because tax rates rise with income, higher-income groups also pay a disproportionate share of federal taxes. In 2006, the top quintile of households earned 55.7 percent of pretax income and paid 69.3 percent of federal taxes, while the top 1 percent of households earned 18.8 percent of income and paid 28.3 percent of taxes.
Several times in United States History there have been efforts to lower taxes on All Americans, Personal and Corporate, while reducing Government Spending. The result has been spectacular economic growth for both personal income and corporate income, and increased tax revenues to the government. The opposite was true when taxes were raised: reducing job growth, personal income, reduced personal and corporate spending, resulting in declining tax revenues.
So when Obama brings in his Economic Czars, those in Academia that have never held a job, never started a business, never ran a corporation, school us on how the economy works, disaster soon follows. The Tenure of Academia is insulated from the real world of business. It operates on Economic Theory, not Economic Reality.
Back To School
This is Obama’s problem, he is also from Academia. He has surrounded himself with Academia advisers, Czars, all from the school of theory, but with no real world application. Not one of Obama’s advisers are real business owners, not one are experienced in how business works. Instead, the Obama would treat business, success, and profit, as evil. Along with the current crop of Socialist Marxist Democrats in Congress that tag along with Obama’s plan to change the Capitalist economic model that has served this country well since its inception, into a form of a European economic model. One only has to ask, hows that working out for Greece?
Obama claims that these are not new ideas, and they are not. They are proven ideas that have worked. Time and time again. It worked under Calvin Coolidge, Ronald Reagen, and George Bush. In fact, fiscal responsibility of lower taxes, less government and less regulation, brought times of great prosperity. But the Obama doesn’t get that.
Obama would encourage Class Warfare. The Obama, who has never held a Job in the private sector, an academia in theory, but never in practice, will never learn, reality. Obama’s out going economic adviser Christina Romer claims we didn’t spend and tax enough.
Clueless In Academia
Obama’s solution is to throw more taxpayer money at the problem.
Eventually, you run out of Taxpayer money.
Obama would advocate more stimulus money, but not tax relief. Reduce government spending? Not in Obama’s vocabulary. Obama talks about fiscal responsibility, but Obama doesn’t have a clue how the economy works. There is theory, and there is practice, Obama has no Czars with practical experience. Arrogance and Ignorance is Obama’s knowledge base. Know it all’s, that couldn’t find their way out of a paper bag.
If anyone ever takes a course in economics 101 in Bezerkley, CA, make sure to steer away from Christina Romer’s classroom. How can Romer claim to be a Professor of Economics, when she dosen’t have a clue how the economy works? Cash for Clunkers, there’s a bit of genius for ya!
What’s for Dinner?
Haven’t made this for awhile. Nice Naw’lins Flavors!