Remember the new math? Well, that is now the old math. The new, new math was created by U.S. Sen. Barack Obama and can be found in his economic plan, which I venture to bet 99.9 percent of Americans voting for him have never even read.
The problem with Americans not even bothering to understand the candidate for whom they vote is that the candidate who has the better marketing strategy is the one who wins. As long as Obama continues his lies about his economic plan, Americans will play the role of sucker and cast their votes for him.
Obama has promised repeatedly that he will cut taxes for 95 percent of Americans…
His plan, as he explains it, will cut taxes for every working family making less than $200,000 per year (it used to be $250,000 but even Obama doesn’t seem to understand his own plan). However, 33 percent of families pay no federal income tax. Their taxes cannot be cut.
In reality, Obama’s plan is a massive, $1 trillion tax hike on the backs of small businesses and middle class Americans.
In one of the debates with U.S. Sen. John McCain, Obama flat-out lied about not raising taxes for small businesses.
For the sake of argument, let us define small-business income as income derived from sole proprietorships, partnerships and S corporations.
S corporations face a top tax rate of 35 percent, while sole proprietors and general partners face a tax rate of 37.9 percent.
Under Obama’s plan, the S corporation rate would rise from 35 percent to 39.6 percent. The sole proprietor and partner rate would rise from 37.9 percent all the way up to 50.3 percent.
Under Obama, 67 percent of small businesses would be paying tax rates of more than 50 percent for the first time since the Carter administration. Do you remember what the economy was like in the 1970s?
Unfortunately, McCain and the Republicans have been unable to explain to Americans how ridiculous the Obama economic plan is.
Small businesses create a majority of jobs in America. Main Street closing up shop because of Obama’s tax plan will in no way help middle class America.
Overall, Obama’s plan is really a $1 trillion tax increase when you consider the increase in taxes for small businesses, the Social Security tax rate and the nest egg tax rates on capital gains and dividends. That will include your 401(k) plans.
Coincidentally, Obama has proposed $1 trillion in new spending. He claims spending cuts in unnamed programs will offset his increased spending. Yet, even The Associated Press, not known for its conservative bent, has said that is a lie.
Some of you may be thinking these increased taxes are only for the rich. Obama is going to help the poor and middle class.
Who do you think pays when businesses and the wealthy are faced with higher tax rates? You do. They raise their prices and fire employees. Obama’s plan is an invitation to double-digit unemployment. In fact, the last person to raise taxes during an economic downturn was Herbert Hoover and that pushed us from a minor recession into the Great Depression.
Obama also claims his plan will keep businesses in the United States. That is simply not true. Businesses leave this country because taxes are too high. Raising their taxes will simply push more businesses to countries that are more business-friendly. The United States already has the second-largest corporate income-tax rate in the world. Apparently, Obama wants to make us No. 1 on a list where we should be last.
Obama also promises to raise taxes on big oil companies and Americans cheer him.
When you tax energy companies, all you do is increase the cost of energy. Tax big oil and you will pay for it at the pump.
This is simply common sense. If you don’t see this, it is because you don’t want to or you are not paying attention.
Obama won’t be spreading the wealth around because under his plan, there will be no wealth to share.
I hope middle-class America likes free government cheese.
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