http://www.youtube.com/watch?v=aW2V50AS7K0
Ron Paul makes a good point when he states that capital doesn't come from credit. There has been a misconception that more credit and more consumption is the solution. It was easy credit that got us into this mess and now we think more credit will solve it. The same idiots that we are looking up to to get us out of this situation are the same people that got us into this situation.
Thursday, February 26, 2009
Redistribution of Wealth
Obama's budget was published today. His visions of socialism and redistributing wealth is becomming a reality.
"The budget proposes to raise taxes on couples earning more than $250,000 a year, generating $636 billion over the next decade. To do so, Obama proposes raising the top two marginal income tax rates to 39.6 percent and 36 percent, limiting itemized tax deductions and increasing taxes on capital gains to 20 percent from the current 15 percent.
The plan would also raise taxes on many Wall Street financiers, pare subsidies to insurance companies participating in the government’s Medicare health-care system by $170 billion, and trim spending on some defense programs." Bloomberg
This is exactly what our country needs not to do. Increasing taxes is not the solution. Decreasing taxes is. The individuals who make more than 250k per year are the entrepreneurs who create jobs. By taxing this group, you are punishing the people who create wealth for this country. There will be harsh consequences in the future for this decision. The worst thing you can do in a recession is increase taxes. I mean don't the individuals making 250k plus pay enough taxes as it is. Redistribution of wealth is here and it is alive. Last point, how can increasing the capital gains rate to 20% be a positive for this country. Its bad enough that US corporations pay one of the highest income tax rates in the world. Now, Obama wants to raise the capital gains rate. We need to entice investors to invest in the US, not scare them. Increasing taxes on the so called "rich" is not the solution. Wake up people. This is just the beginning.
"The budget proposes to raise taxes on couples earning more than $250,000 a year, generating $636 billion over the next decade. To do so, Obama proposes raising the top two marginal income tax rates to 39.6 percent and 36 percent, limiting itemized tax deductions and increasing taxes on capital gains to 20 percent from the current 15 percent.
The plan would also raise taxes on many Wall Street financiers, pare subsidies to insurance companies participating in the government’s Medicare health-care system by $170 billion, and trim spending on some defense programs." Bloomberg
This is exactly what our country needs not to do. Increasing taxes is not the solution. Decreasing taxes is. The individuals who make more than 250k per year are the entrepreneurs who create jobs. By taxing this group, you are punishing the people who create wealth for this country. There will be harsh consequences in the future for this decision. The worst thing you can do in a recession is increase taxes. I mean don't the individuals making 250k plus pay enough taxes as it is. Redistribution of wealth is here and it is alive. Last point, how can increasing the capital gains rate to 20% be a positive for this country. Its bad enough that US corporations pay one of the highest income tax rates in the world. Now, Obama wants to raise the capital gains rate. We need to entice investors to invest in the US, not scare them. Increasing taxes on the so called "rich" is not the solution. Wake up people. This is just the beginning.
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