Urbin Report

Sunday, February 17, 2008

Obama's plan for America

The New York Sun details the big government, super high taxes, plan of Barak Obama to drive the American economy into the shitter.

Senator Obama is very gloomy about America, and he's aligning himself with the liberal wing of the democratic party in hopes of coming to the nation's rescue. His proposal? Big-government planning, spending, and taxing — exactly what the nation and the stock market doesn't want to hear.

Mr. Obama unveiled much of his economic strategy in Wisconsin this week: He wants to spend $150 billion on a green-energy plan. He wants to establish an infrastructure investment bank to the tune of $60 billion. He wants to expand health insurance by roughly $65 billion. He wants to "reopen" trade deals, which is another way of saying he wants to raise the barriers to free trade.
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This isn't free enterprise. It's old-fashioned-liberal tax, and spend, and regulate. It's plain ol' big government. The only people who will benefit are the central planners in Washington.
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Mr. Obama would like voters to believe that he's the second coming of JFK. But with his unbelievable spending and new government-agency proposals he's looking more and more like Jimmy Carter. His is a "Grow the Government Bureaucracy Plan," and it's totally at odds with investment and business.
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Mr. Obama says he wants American corporations to stop "shipping jobs overseas" and bring their cash back home. But if he really wanted U.S.companies to keep more of their profits in the states he'd be calling for a reduction in the corporate tax rate. Why isn't he demanding an end to the double-taxation of corporate earnings? It's simple: He wants higher taxes, too.

The Wall Street Journal's Steve Moore has done the math on Mr. Obama's tax plan. He says it will add up to a 39.6% personal income tax, a 52.2% combined income and payroll tax, a 28% capital-gains tax, a 39.6% dividends tax, and a 55% estate tax.


HT to Flopping Aces