Nonsense, economy boomed in the 90s and there was plenty of time to raise taxes and create surplus. The war in iraq got in the way of the last recovery but high taxes are not the answer. Folks like you think the economy will boom in 64% tax bracket which will exist under obama donut hole plan for SS according to most economists. Ever hear of bob brinker. He is no supply sider but he is railing against just this on his radio show. Until i heard him last week, i had no idea that obama and the U of Chicago economists who were running the show had divorced.
Brinker says from (honeysbobbrinkerbeehivebuzz2.blogspot.com)
Bob Brinker -
Cactus John has been very honest about the economy. He recently stated that he doesn’t know much about the economy. I want to give John McCain all the credit I can give him for being honest with the voters………
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Over on the other side, the most likely nominee based on the current polls, subject to change, is Barack Obama………Barack Obama stands firmly on raising the marginal tax rate on entrepreneurs to levels not seen since John F. Kennedy………..he’s talking about a potential marginal tax rate of about 60 to 63%........Now I think with a marginal rate of 60 to 63%, I think that a lot of entrepreneurs will take a page out the old Johnny Paycheck Songbook, ‘Take This Job and Shove It, I Don’t Work Here Anymore.’ That line made the late, great Johnny Paycheck famous and it may make Barack Obama famous too, to a lot of entrepreneurs who may take up golf. Because the bottom line is if you are confiscating 60% or more of somebody’s compensation, in a lot of cases, they’re just going to find something else to do with their time.
This is the plan where, right now you have the $102,000 cap on the Social Security tax. This is the 6.2 plus 6.2, which is 12.4 to the entrepreneur and business owner…….everything above that not subject. Well, he has this donut hole idea, where you create maybe a $100,000 up to $200,000………. where you don’t do anything right now………where you don’t make any changes. Then he sinks the battleship when the donut hole is finished. Because above $200,000, the Junior Senator from Illinois, in his naïve notion of how jobs are created and economics works, is talking about lifting the cap on Social Security……..So we have the 39.6 and we have the 12.4, so all of a sudden we’re up to 52%. And the 2.9, the cap is already lifted on Medicare…….now we are up to 55%. How many entrepreneurs do you think live in places that charge high state taxes………now you are up to 62%, depending on the state you choose. A 62% marginal tax rate on entrepreneurs. This is the policy that Barack Obama is talking about
Brinker believes that if Obama doesn’t change his “donut hole” policy, then he is running a “dreadful, dreadful” presidential campaign -- because he will be attacking the “core growth engine for new jobs in America.” |
