Sunday, April 6, 2008

Obama's tax plan and his view of the economy

"I wish I were a victim. Then people would give me things, and government would take care of me" The heritage foundation

Bob Brinker, national financial talk show host, over the weekend discusses Obama's tax plan. John McCain at least admits he does not understand the economy so he appoints Carly Fiorina, former CEO of Hewlitt Packard, and Lew Eisenberg, a former partner at Goldman Sachs to be his advisors. A very good move indeed.

Obama plans to raise taxes in the most reckless way possible. He has no clue about how the economy works or how to create jobs. The sad part is most of those who will be voting for him don't understand either. If they did, why whould they vote for him?

Brinker says from (

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………
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.”


Honeybee said...

Hi Mark....I have to maintain a modicum of objectivity on my own Blog, but I can tell you that BHO really scares me -- for several reasons, which I'm sure I don't have to spell out for you. 8^)


Thoughts of a conservative genius mind said...

Hi Honeybee,

Yes, I understand why you have to maintain objectivity on your blog because the focus is somewhat different, but I would venture to guess that most of the investor class are scared of this guy. I have several stocks, two in particular Mastercard and Compass Minerals that have huge capital gains. I may sell them prematurely if he is elected because he is going to raise the capital gains tax like there is no tomorrow.

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