Here's Barack Obama being interviewed by Bill O'Reilly on FoxNews. They are discussing taxation.
O'REILLY: But you want 50 percent [in taxes] of my success.
OBAMA: No, I don't. No, I don't.
Yes, he does. Yes, he does.
Obama would raise the top marginal tax rate to 39%, where it was prior to the Bush tax cuts. He would also lift the Social Security payroll tax cap, adding another 15.1% tax to those making over roughly $100,000. If you add it up, 39% + 15.1% = 54.1%. That is how much Barack Obama wants to take directly out of O'Reilly's success, and that isn't even counting the jump from 15% to 20% in the capital gains tax rate that Obama wants to institute.
O'REILLY: And then you want to raise corporate taxes.
OBAMA: No, I don't. That's not true.
Yes, he does. That is true.
Obama wants to start a windfall profits tax on the oil companies. Obama wants to close tax loopholes for business. Half of that increase in the aforementioned Social Security payroll tax is paid by the employer. For his health care plan, Obama wants to force business to either pay for all of a worker's health insurance, or pay a penalty tax to the government so the government can provide it (this is the gateway to the nationalized health insurance Obama really wants, as most companies will choose to rid themselves of the headache of dealing with health insurance and pawn it off to the government by choosing to pay the penalty tax). Obama would give small business a 50% health care tax credit, though to my knowledge, "small business" is not defined.
OBAMA: Well, but the problem is, if I am sitting pretty, and you've got a waitress who is making minimum wage plus tips, and I can afford it if she can't, what's the big deal for me to say I'm going to pay a little bit more?
O'REILLY: Because it inhibits…
OBAMA: That is neighborliness.
O'REILLY: Listen, if you raise the cap gains tax, that's going to inhibit investment. I won't buy as many stocks. And many, many, more people won't, OK, that's…
OBAMA: If we went up…
O'REILLY: It's going to come back to bite you, senator.
OBAMA: If we went up to a prohibitive rate, you're right. But...
"Neighborliness" ??? Now, I'm all for being neighborly. I let my neighbor borrow my lawnmower and my tools, but I'll be damned if I'm going to give Joe half my income. That's taking things entirely too far. Plus, I have a newsflash for Mr. Obama. It isn't only the rich who are paying half their income in taxes. It's us middle class folks as well. If I'm earning $60,000 per year, I pay about 20% federal taxes, 15.1% payroll taxes, 5% state taxes, 2.5% local taxes. That's 42.6% right there, and that doesn't take into account sales taxes, property taxes, and the hidden taxes that are included in the retail price of every product that I purchase. I call that prohibitive taxation, even if Mr. Obama doesn't.
Where does it end ? When do the taxpayers rise up and say 'enough is enough' ? The problem isn't that the taxpayers aren't paying enough. That hasn't been the case for decades and decades. The problem isn't that the government doesn't have enough revenue coming in. The federal budget alone is about $3 TRILLION, for chrissakes. Yet, we still have continual deficits. We have a $10 trillion federal debt. We have $50 trillion in unfunded entitlement liabilities. Our geniuses in Washington D.C. just put us on the hook for $5 trillion more by bailing out Fannie Mae and Freddy Mac. $200 billion of those loans are known to be bad. Our geniuses in D.C. bailed out Bear Stearns, putting the taxpayers at more risk. Then the geniuses in D.C. give us a stimulus package and pretend like they are helping us out. Well, guess what ? That wasn't paid for either. Guess who gets to pay for it ?? WE DO ! Now, they are talking about a second stimulus package, and that one won't be paid for either. Deeper and deeper we go into the hole, and here we have Barack the Changeman pretending that he's somehow different, when all he is going to do is what they all do, vastly increase taxes and spending more and more, which is the very thing that got us into this mess to begin with. Obama has no plans to balance the budget, by his own words. In fact, he doesn't even talk about that. What he talks endlessly about is investing (spending) in this, and investing in that. ENOUGH.
Obama represents change like a guy who has maxed out his credit cards represents change by getting more credit cards. ENOUGH.
No more new government spending until we solve the massive problems we face with all the previous government spending. To do anything else isn't change, it's insanity.
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