HOPE ON Project, Day 10: Let’s Never Find Out Part 10 — ‘Income Taxes’

Note: This is the tenth of what will be 13 daily posts on why Barack Obama is a dangerous, objectionable, and objectively unfit candidate to be president of the United States (while many of the other candidates are not). Previous Posts — Part 1 (Obama “Part of the Problem” on Fan and Fred); Part 2 (”Energy”); Part 3 (”Punished”); Part 4 (”Number One”); Part 5 (”Earmarks”); Part 6 (’The Chicken Button’ and the Chicken Who Pushed It); Part 7 (”Trust” on Bill Ayers); Part 8 (”Middle Class”); Part 9 (”Not This Time”).

The daily videos involved are from NeverFindOut.org, a project of Let Freedom Ring (donation link is here).

This post is part of the HOPE ON Project (Help Ohio Prevent Electing Obama Now).

Today’s SOB Alliance author is Boring Made Dull.

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Video (direct YouTube link):

Transcript:

INCOME TAXES

MAN: Senator Obama, you have promised that you will cut taxes for 90% of America. But you’ve also voted to allow the Bush tax cuts to expire. So that means our income taxes will actually go up.

Did you think this was going to get past us?

So let’s make this real simple: if you allow the Bush tax cuts to expire, how many taxpayers would pay more taxes?

VIDEO: 100% of AMERICA

MAN: This is not good change.

ANNOUNCER: What happens when we elect a President who raises our taxes? Please, America, let’s never find out.

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Commentary from Boring Made Dull:

No, you won’t get to keep the change.

Well, what happens when we elect a President and Congress pledged to raise taxes?

Recession. And if they raise them enough, toss in some protectionist legislation, and near compulsory unionization for good measure, depression.

And what exactly does “share the wealth” mean? It means that some bureaucrat whispers to some politician in Washington how much of the income of your work you’ll be allowed to keep. Disagree? Well, sharing under the Obama plan means that the IRS and courts will have you tossed in chokey. Question The One? At minimum, some minor state official will be trolling through your records looking for dirt.

On the specifics of The One’s tax plan, Steven Malanga in Real Clear Markets notes that the primary question is where does wealth originate? With the State, or with the People? It’s the people. Free citizens and free markets produce wealth. Governments take a portion of that wealth in taxes, for some legitimate purposes (police, firefighters, national defense, courts), and some illegitimate (bridges to nowhere, Fannie Mae / Freddie Mac, ACORN, etc.), but they don’t create wealth. Wealth must be created in order to be taxed.

Ahhh, you say, but we can tax the rich to pay for benefits to the poor!

Well, who’s rich? Obama has been claiming that his tax proposals only hit those making over $250,000. But wait! As Jim Geraghty notes, Paul Krugman, the noted Nobel Laureate and Right Wing Extremist columnist for the NT Times says that The One’s real proposal starts hitting at about $182k per year. Keep looking for this number to continue to move downward. Tigerhawk and the New York Post now note that Joe Biden has now moved the bidding down to $150K. If they win on Nov. 4, look for a number close to $50K on Nov. 5.

Also, keep in mind that the truly rich have the luxury of employing the best tax lawyers available to keep their taxes down. They can structure their income streams to avoid The One’s grasp. Aspiring middle class types like Joe the Plumber? Forget about it.

Cesar Conda lays out the gory details in National Review Online. The essence of the Obama the Redistributor’s plan hits directly at the twin engines of economic growth and prosperity – capital formation and liquidity, and individual incentives.

And the much publicized Obama Middle Class Tax Cuts? Transfer payments designed specifically not to allow you to keep more of what you’ve earned or saved, but to make you dependent on government for checks.

Make too much? Say get a smidgen of a raise to make over $40,000? You could lose $0.40 on the dollar of tax credits that The One has condescended to grant.

The Heritage Foundation provides a handy side by side comparison of the McCain and Obama tax plans here.

Change you can believe in? Heck, these guys are out to take the change from your sofa cushions.

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BizzyBlog Comments:

Over and above what the vid covers, Obama’s plans to raise corporate income taxes and assess some form of windfall profits tax on oil companies would have the following effects:

• Increase the costs of goods and services for everyone;
• Increase unemployment at companies who can’t pass all of the additional tax burden on in the form of higher prices because of competitive conditions;
• Depress wage growth.

As noted at many other places, Obama-Biden’s definition of who is going to get stuck with a tax increase is moving ever downward, from an original $250,000, to $200,000, to $150,000 in just a few days. At that rate, by Election Day, even people people earning no income will be paying “income” taxes. Hey, why not? That’s just as absurd as telling people who pay no income tax that they’re getting “tax refunds.”