Obama’s tax deception

The interview that I’ve been writing about since last week has finally gone main stream. The Wall Street Journal quotes Shepard Smith and Austan Goulsby duking it out over Obama’s tax plan;

Austan Goolsbee, the University of Chicago economic professor who serves as one of Sen. Obama’s top advisers, discussed these issues during a recent appearance on Fox News. There he stated that the answer to the first question is that these Americans are getting an income tax rebate. And the answer to the second is that the money would not actually come out of Social Security.

“You can’t just cut the payroll tax because that’s what funds Social Security,” Mr. Goolsbee told Fox’s Shepard Smith. “So if you tried to do that, you would undermine the Social Security Trust Fund.”

Now, if you have been following this so far, you have learned that people who pay no income tax will get an income tax refund. You have also learned that this check will represent relief for the payroll taxes these people do pay. And you have been assured that this rebate check won’t actually come out of payroll taxes, lest we harm Social Security.

You have to admire the audacity.

I don’t think “admire” is the word. Not only does it demonstrate that the democrats think we’re bunch of idiots, they also consider everyone who earns over $35,000 is rich. In another article, the Wall Street Journal parses Obama’s tax hike on small businesses;

Finally, Mr. Obama would require many small business owners to pay as much as a four-percentage-point payroll tax surcharge on net income above $250,000. All of this would bring the federal marginal small business tax rate up to nearly 45%, while big business would continue to pay the 35% corporate tax rate.

Mr. Obama responds that more than nine of 10 small businesses would not pay these higher taxes. Last Thursday he scoffed in response to the debate over Joe the Plumber, saying that not too many plumbers “make more than $250,000 a year.” He’s right that most of the 35 million small businesses in America have a net income of less than $250,000, hire only a few workers, and stay in business for less than four years.

However, the point is that it is the most successful small- and medium-sized businesses that create most of the new jobs in our dynamic society. And they are precisely the businesses that will be slammed by Mr. Obama’s tax increase.

Why would Obama be so “audacious” as to propose these hikes? Because most Americans won’t see the tax hikes in their own pay checks…until they start losing their jobs because employers can’t afford to pay them any longer. Then Obama and the class warfare crowd can blame the heartless corporations for not supporting working Americans.

Just like like the current job losses and new hires reductions began because of the minimum wage hike…the Democrats have been blaming the Bush Administration and not the only bill they passed in the 2007 session of Congress. As long as they can deflect blame and the public believes them, they’ll get away with this crap.

Category: Politics