Noteworthy:
"In his acceptance speech at the Democratic convention on Aug. 28, Mr. Obama said, 'I've laid out how I'll pay for every dime -- by closing corporate loopholes and tax havens.' That comment refers to $924.1 billion over 10 years from what the TPC wisely labels 'unverifiable revenue raisers.'
To put that huge figure in perspective, the Congressional Budget Office optimistically expects a total of $3.7 trillion from corporate taxes over that period. In other words, Mr. Obama is counting on increasing corporate tax collections by more than 25% simply by closing 'loopholes' and complaining about foreign 'tax havens.'
Nobody, including the Tax Policy Center, believes that is remotely feasible. And Mr. Obama's dream of squeezing more revenue out of corporate profits, dividends and capital gains looks increasingly unbelievable now that profits are falling, banks have cut or eliminated dividends, and only a few short-sellers have any capital gains left to tax."
Let's see: If he can't get it from "closing loopholes", "tax havens", and increasing the taxes on the "ultra rich", WHO do you suppose he'll expect to cover the shortfall?
You get three guesses, and the first two don't count.......
If Obama raises corporate taxes, they'll just pass it along to customers in the form of price increases, as it is arguable that corporations do not pay taxes, they just collect them. So, while Obama plays the "hate corporate" card, he is really hurting us. So, in essence, he wants us to get angry with corporations, but in "punishing" them, we just punish ourselves.
ReplyDeleteAnd, for those corporations that can't raise their prices and maintain a successful business, they will cut jobs. So, either way, people will be hurt by punishing corporations.
Frankly, I continue to be amazed at how so many people are supporting Obama and the Democrats because they are "better on the economy"? What's that about, people?
ReplyDeleteWithout a doubt, Obama will raise taxes, and not only on the 5% richest. And, raising taxes in a weak economy is dangerous. It will turn a recession into a depression. This is not theory, it's a fact. We have seen it before. So, how can people believe that Obama and the Dems are better on the economy? The Dems enabled this financial collapse with the GSEs, and they are the ones to solve it? I have to admit that Obama and the Dems havbe a better P.R. program to convince people of this fallacy.
Four years of Obama, a filibuster-proof Senate, and a packed S.C., and you will not recognize this nation. People will wake up some day, and say what happened, but it will be too late.
"What's that about, people?"
ReplyDeleteJust further proof of the Lincoln adage that "You can fool some of the people all of the time....."
"People will wake up some day, and say what happened, but it will be too late."
Many people, including me, fear that the damage will be not be reversible.
Meanwhile, at sites like Cone's, we have ads that say "Time to talk to your parents about the risks of a McCain presidency."
Yet another example of "Progressive" Big Lie propaganda at its finest.
Of which, we are NEVER surprised at the depth and the depravity contained within.
I think Obama will do a great job in moveing America forward. Of course not everyone will/can be with an election, but we will get there.
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