First they came for the very rich
Dennis
HEAD: OBAMA OFFERS REWARD WITHOUT WORK
Sen. Barack Obama (D-Ill.) is promising $500 and $1,000 gift-wrapped packets
of money in the form of refundable tax credits. These will shift the tax
demographics to the tipping point where half of all voters will receive a
cash windfall from Washington and an overwhelming majority will gain from
tax hikes and more government spending, says Adam Lerrick, a professor of
economics at Carnegie Mellon University and a visiting scholar at the
American Enterprise Institute.
In 2006, the latest year for which we have Census data, 220 million
Americans were eligible to vote and 89 million -- 40 percent -- paid no
income taxes.
According to the Tax Policy Center (a joint venture of the Brookings
Institution and the Urban Institute), this will jump to 49 percent when
Obama's cash credits remove 18 million more voters from the tax rolls.
What's more, there are an additional 24 million taxpayers (11 percent of the
electorate) who will pay a minimal amount of income taxes -- less than 5
percent of their income and less than $1,000 annually.
In all, three out of every five voters will pay little or nothing in income
taxes under Obama's plans and gain when taxes rise on the 40 percent that
already pays 95 percent of income tax revenues.
The plunder that the Democrats plan to extract from the "very rich" -- the 5
percent that earn more than $250,000 and who already pay 60 percent of the
federal income tax bill -- will never stretch to cover the expansive
programs Obama promises, explains Lerrick.
What next?
A core group of Obama enthusiasts -- those educated professionals who
applaud the "fairness" of their candidate's tax plans -- will soon see their
$100,000-$150,000 incomes targeted.
As entitlements expand and a self-interested majority votes, the higher tax
brackets will kick in at lower levels down the ladder, all the way to
households with a $75,000 income.
Calculating how far society's top earners can be pushed before they stop (or
cut back on) producing is difficult. But the incentives are easy to see.
Voters who benefit from government programs will push for higher tax rates
on higher earners -- at least until those who power the economy and create
jobs and wealth stop working, stop investing, or move out of the country,
says Lerrick.
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And yet these "bro-zos" and you others want to see Beee-ooo occupy Da Honky
Crib in Da Hood (formerly The White House). I grieve for my republic.
You supporters of Beee-ooo, The Magic Mulatto must feel the need to
constantly bathe, trying to rid yourselves of his stink...doesn't work
though, does it!
Name three things of Legislative or Executive significance Beee-ooo, The
Magic Mulatto has done; just three. We'll wait..............
Gas-bag Joe, The Plagiarizer says Beee-ooo, The Magic Mulatto is "articulate
and bright and clean."
Gas-Bag Joe, The Plagiarizer, when asked if Beee-ooo, The Magic Mulatto is
ready to be President said, "...right now I don't believe he is. The
Presidency is not something that lends itself to on-the-job training."
But we know B,TMM just ain't a right fit to be President; the boy just ain't
got the fundamentals. At his core, he's just another grasping Chi-town pol.
Just ask Chicago slum lord felon Tony Rezko, and now Beee-ooo's Nairobi
shack-dweller brother, George.
"Stand up, Chuck, and let 'em see ya"! Gas-bag Joe, The Plagiarizer to State
Senator Chuck Graham, a wheelchair bound paraplegic.
"Hillary Clinton is...more qualified than I am to be vice president,"
Gas-bag Joe, The Plagiarizer.
Dionysus