Obama wants to “close loopholes” in the tax code to cover his spending, but what is it that he thinks that means?
How would Barack Obama pay for the $800 billion that John McCain claimed in the first presidential debate Sept. 26 in Oxford, Miss., that his Democratic opponent would spend if he were elected president? Obama replied, by “closing tax loopholes.”
Obama was no more specific in the debate, and tax experts doubt that structural changes without increasing taxes can raise anything close to that amount of money. :
Obama has made clear that he would try to roll back President Bush’s tax cuts, but that does not come under the definition of a “loophole.” A loophole consists of a conniving tax attorney discovering a weakness in the Internal Revenue Code or such a weakness intentionally legislated by Congress under the instigation of crafty lobbyists. The only specific tax legislation contained in Obama’s paper would raise the capital gains rate for most shareholders, restore taxation on dividend income to pre-Bush standards and restore the full estate tax.
I will allow Ed to translate that for you:
he will impose higher taxes on investments and savings as a means to soak the rich.
He will do this by letting the Bush tax cuts lapse.
Obama insists that his tax plans would only affect 5% of the electorate, but that doesn’t add up to the amount of money he wants to spend as President. The taxes on investments will hit broadly across the entire investor community, which includes 70% of American families now thanks to IRAs, 401(k)s, and such. The capital-gains tax hike Obama envisions will also hit indirectly at American families as investors will stop turning over assets in order to raise cash for new ventures ” which will slow the growth of new jobs and keep more Americans unemployed. Payroll tax increases will keep businesses from expanding. The money Obama sucks out of the capital markets will go to massively inefficient government bureaucracies, rather than in efficient private-enterprise entrepeneurial pursuits.
I’ve heard liberals say this kind of thing before and look at the Fannie Mae, Freddie Mac mess now. In my opinion it was the dumbest thing he said that night. For those with stars in their eyes they need to stop and do the math. That might shake some of them up a bit.
BonBon, compare what was done to those arguably abused children to my story: Two years ago my youngest son was at kindergarten at the local public school. The teacher was going around the room asking the children what they would do if they were the President. She was getting a lot of blank stares and (Obama-esque) ummms and uhhhs. When she asked my son, without hesitation he stated “I’d get rid of all the Liberals so we could talk about God in school!”
=d>:d&
=)) was my first reaction when I heard the story, then I thought uh-oh, I hope I haven’t been reported to CPS. A short time later they had a school function and I got to meet the teacher. Turned out she is a solid Conservative and absolutely loved my son’s response. She said it caught her completely by surprise and she had never heard anything like it at that grade level. She said he had more political acumen at age 5 than many adults. I had to agree.
Thanks for sharing that lovely story Robert and it really is a good thing the teacher was conservative. I have heard so many heartbreaking stories of children saying grace for lunch and being kicked out that it just tears me up. My older brother took his kids out of public school many years ago and they florished under home schooling.
They took day trips to DC where toured the White House, watched Congress in session, went to their Senators office, etc. Their church did it as a group and there was a piano teacher, etc. The state only required that one of the parents was college educated.
Our education system is so broken it’s pathetic.
=))
^:)^
i think america is in deep shit. why? a lot of voters out there think that obama is some sort of “savior” that will cure all of the country’s illnesses… the fact is he is a showman. he’s good at words. he’s good at projecting a presidential stance. but when you look at what he intends to do with america, it’s just more spending. WHERE IS HE GONNA GET THE MONEY? AMERICA IS BROKE!!! or hasn’t he noticed?
>-:-?:d:-\”
BonBon and Pam I am glad you enjoyed that story. It is absolutely true, and has already become a mainstay of the family lore. it delights guests every time we tell it. My son attended the public school just for kindergarten. He and his older brother are in a private school now. It isn’t cheap, but we feel they are our most important investment.
There are some good teachers and schools here and there, but in general the system is badly, sadly broken.
Nikko you’re right on. Obama is an empty suit, smoke and mirrors, the little man behind the curtain. Check the archives for my Obama as the Wizard of Oz topic. The problem is too many people are swept away by the charisma and can’t see through it. McCain has his warts and he’s far from perfect, but Obama is a 100% FRAUD.