Sunday, September 7, 2008

Obama may delay end to tax cuts

Obama: Recession Could Delay End to Bush Tax Cuts
by Associated Press
Sunday, September 7, 2008

WASHINGTON — Democrat Barack Obama says he would delay rescinding President Bush’s tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.

DUH! If tax cuts are inadvisable in a recession because they further hurt the economy, then why are not these same tax cuts inadvisable when there is not a recession. This is because when there is no recession, there is more wiggle room and there is time between the tax increase and the economic downturn it causes. Time enough to avoid blame.

The fact is that increases in income tax of individuals or corporations reduces productivity, decreases profits and shrinks the economy, ending up in lost reduced wages, lost benefits and lost jobs. Obama just hopes he can get money into the hands of the people who did not earn it before the sky falls in.

Remember also who he considers wealthy. A small business owner working 90 hours a week grossing 250,000 per year is in the same category as Bill Gates, earning 20 MILLION dollars a DAY or 8 billion dollars a year. If Bill gates dropped a 1,000 dollar bill, he would not bend down to pick it up since in that 4 seconds he would have earned it back. This is the way he catches people, by using the term "rich" to lump people together who are not only not in the same league, but are not on the same earning planet.

Don't get me wrong. Bill Gates deserves his wealth. He started with nothing and earned it. He does not owe me anything and neither does he owe the rest of the country anything but paying his fair share of taxes. Even though doubling his personal income tax would do nothing to him, it would be wrong to do so.

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