How Destructive to the U.S. Economy Will a Barack Obama Presidency Be?
Rod Hatcher
How destructive to the U.S. economy will a Barack Obama presidency be?
Beneath Obama's flowery rhetoric lies a dangerous economic plan that will wreak havoc on the American economy.
Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.
Worse, Obama says he is absolutely committed to almost doubling the capital gains rate — something he will easily accomplish with a Democratic Congress.
In the coming months — when investors realize that Obama will raise the cap gains rate — there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama's doubling of the tax rates next year.
Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.
He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7 percent in taxes on earned income.
And the loan dividend tax rate George Bush implemented? Under President Obama it will be DOA!
- How Obama's policies could cost more than $850 billion over four years (THIS HAS ALREADY HAPPENED)
- The dire repercussions of Obama's minimum wage proposal for small businesses and retail outlets
- Obama aides' private and very revealing admission about the candidate's economic savvy
- The surprising revelation when Barack's own tax returns were reviewed by an expert
- The "proof" that Obama will kowtow to organized labor
- Obama's Social Security plan: a giant income-redistribution scheme
- How Obama's policies could boost some tax rates to 60 percent
- Obama's policies point by point on energy, healthcare, regulation, and the housing crisis
- The Democrat's contradictory statements on tax increases
- Obama's plan to double America 's foreign aid
- How Obama's trade policies would damage U.S. multinationals
- Obama's embarrassing denial regarding NAFTA
- The National Taxpayers Union's Obama rating: just 5 percent
- Obama's misguided views on technology's future
- How the Democrat would undermine private sector healthcare (THIS TOO HAS STARTED TO HAPPEN)
- Obama's tactics — old left-wing populist ploys
Rod