Thursday, January 26, 2012
Eat the rich. Folks, the Occupy movement has infiltrated the White House.
President Barack Obama wants the rich to pay the government’s tab with the American people. To stop the 1% from choking the life out of the American dream. To help eliminate the deficit and pay down those stimulus debts. To fix all that’s gone wrong with America. To overhaul the tax code by ending Bush-era tax cuts in order to fund entitlement programs like education, medical research and the care of military veterans.
End the tax cuts or end benefits to military veterans. He’s pulling heart strings in this ideological tug of war.
In a grand gesture of political theatre, Obama gave Warren Buffet’s secretary one of the best seats in the house at this state of the union address. You know, Warren Buffet’s poor, oppressed executive assistant who apparently pays a higher tax rate than the oracle of Omaha himself? The very representation of the repression of the average American, turns out his poor secretary makes up to $500,000 per year, according to Forbes. Obama’s tax aspirations, the “Buffett Rule,” would actually make her pay a whole lot more.
But all this Robin Hood stuff is a classic diversion strategy to deflect the attention of the American people away from Obama’s failures. Twenty-four million Americans are still out of work or underemployed despite out-of-control government stimulus spending that has pushed America’s debt to new highs; debt that’s more like a Greek tragedy than the American Dream. Best to divert negative attention to a new enemy and make the rich wear the goat horns. Capital gains tax is in the crosshairs. A tax deferral tool for wealthy investors, Obama’s been wanting to revamp capital gains tax rules for years. After all, by raising those taxes the government makes a bundle — and the rich won’t miss it. They’re already rolling in dough, right?
Wrong. Historical data confirms that raising capital gains taxes actually reduces government tax revenue. Why? Because it slaughters investment and economic activity. His tax initiatives target those super-elite bankers but it’s those Mom and Pop businesses that would suffer. Those small businesses create real jobs that lead to real growth. Not the phoney kind of jobs from an ever-expanding public sector.
It’s also a double taxation. American corporations already pay a 35% tax rate, one of the highest in the world. Any returns to the investors is already net of tax. Americans pay about 45% in combined taxes on their investment income. But that’s not all. Don’t forget the death tax. When an American investor buys the farm, they get dinged as much as 35% in estate taxes. Tax upon tax upon tax.
Does America still sound like a low-tax jurisdiction to you? Funny how Obama doesn’t mention any of these things in his rhetoric. Obama’s got his socialist blinders on. His personal views on fairness are more important to him than economic common sense. And that kind of thinking is both dangerous and destructive.
Obama talks a good game. He’s a great public speaker, but the last three years have demonstrated that style can only carry the America Dream so far. It’s time for a change. Canada’s future depends on it. And that’s Canadian common sense.
Obama's dreamy speeches wore thin about a year ago. Apparently even the sleeping-class gets hungry for substance when reality sets in. They're broke and the horizon is dark with doubt. Maybe something to do with trillion dollar spending plans instead of major reductions in gov't size and spending. Good thing Buffet and Dr. Paul had the gonads to get to the point on money matters - so Obama didn't have to be the one to suggest the next dream could be 4d including some pain. Now that he's rounded that bend watch him trump the Republicans on spending cuts over the next 9 months.
Posted by: Todd | January 27, 2012 at 10:18 PM
Charles I am constantly impressed by the quality of your program. I tune in nearly everyday to hear your opinion on the news of the day. Nearly all the time my opinions are the same although mine might even be a little farther to the "right side". If I can make a comment out of a question, why don't you run for M.P and then prime minister?
Posted by: Graham | January 28, 2012 at 12:15 AM
You had Peter Schiff on your show and then you post this. This is totally Hippocratic talk that you are spewing.
P.S
How about some blame on immigration system for shafia killings. As long as you can buy a house in Canada you are good to go ... shame.
Posted by: nick | January 30, 2012 at 06:19 PM
I can't believe your show is called Common sence!That is so far from reality! Then again so is your way of thinking.If poeple like you werent so dangerous you would be hallarious!Spuing out percentages like you know what your talking about. Dont get me wrong Obama has clearly backtract on many of his campain promisses including his promiss to reform the American foreing policies immage. And bailling out the Banks and GM that was just wrong!But I would rather vote for him then some mentaly deficient right wing corporate mouth piece like yourself ! Some day when you have time to read go read the transcrip on NAZI brocating in the late 1930's you will be ashame to discover the simularity between your brodacst and theres.
Posted by: Mike Young | February 06, 2012 at 11:32 PM