Obama’s war on prosperity
Notes from “Wagin war on prosperity” By Dick Morris nd Eileen Mcgann, 3/3/09
Obama not only raising the top rate to 39.6 percent (on 3 percent most wealty in the nation) he’s also disallowing about one-third of top earner’s deductions…This is an effective hike in their taxes by an average of about 20 percent.
…And soon the next shoe will drop…apply the full payroll tax to all income over $250,000 a year…this hike will raise their total taxes by about half.
…Finally…raising the capital-gains-tax rate to 20 percent.
The top 2% earners in the nation are only 4% of the voters. So they are not to be worried about come next elections. However, those who earn more than $200,000, pay almost 60 percent of America’s income taxes and account for a third of its total disposable income.
…Their spending will drop; they’ll be unlikely to invest (except in new tax shelters)
…Roosevelt’s assault on the rich led directly to the recession of 1937-39 – when unemployment soared back up to 19 percent
But then, Obama must also realize that his stimulus package, with its massive growth of government, is going to kindle huge inflation in coming years…Here is a president who would rather redistribute income than create wealth. He thinks it more important to grow government than to fight inflation. He believes that it is crucial to expand health care to the young and middle aged, even if it means cutting it back for the elderly.
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