Haven’t posted in a while… been too caught up in watching the Olympics!
Anyway, here’s the latest of the Messiah’s “economic plan”:
Obama has proposed increases in every major federal tax. He has proposed to increase individual income taxes, with the top rate to rise to almost 40 percent. He has proposed to increase the top capital-gains tax rate by 33 percent. He has proposed the same for the top tax rate on dividends. He has proposed to increase payroll taxes, with a rate increase of 16 percent to 32 percent for workers earning over $250,000 a year. He has proposed to reinstate the death tax (estate tax), now phasing out under current law, with a top rate of 45 percent. He has proposed several increases in corporate taxes, including a so-called windfall-profits tax on oil.
And he has the stones to criticize McCain’s plan as “more of the same old Washington games”?? What is more characteristic of Washington in the last 30 years than tax and spend (repeat ad infinitum)?
The likely results?
Nobel Prize-winning economist Robert Mundell has written that if such tax increases are adopted, the U.S. economy will suffer “a deep recession, a nosedive,” and the dollar will decline further. Amity Shlaes, author of The Forgotten Man: A New History of the Great Depression, claims Obama has proposed the exact same policy mix that led to the depression of the 1930s. (See full article here )
Yes, that’s the kind of economic “growth” we need! Back to the Future… the 1930s??? Keep this in mind when trying to cut through the smoke and mirrors at the Dem convention next week.