Originally Posted by cabo35

How does the redistribution of wealth under Obama's plan help our economy.

Obama has stated repeatedly he will reduce taxes for the "middle class" by 95%. He will make it up by taxing the wealthy, big corporations and businesses. Further, he will raise estate (inheritance) taxes, dividends, capt ital gains taxes, and generally raid and soak up the capital that business needs to grow and create jobs.

From the Wall Street Journal:

The Wall Street Journal’s Steve Moore has done the math on Obama’s tax plan. He says it will add up to a 39.6 percent personal income tax, a 52.2 percent combined income and payroll tax, a 28 percent capital-gains tax, a 39.6 percent dividends tax, and a 55 percent estate tax.



Do you think business and corporations will pass their tax increases on to the consumers (us) in price hikes....you bet. Will they layoff employees (us) to meet increased tax burdens....you bet. Will investors change strategies to avoid larger capital gains and dividend taxes...you bet. Will that put our economy further in the tank....fill in the blanks. Isn't this really a "stealth" taxation because either way the people are going to pay. It just makes them feel better that the wealthy and business are being hit. If you worked hard, sacrificed and made some money, are you happy about leaving your heirs just 45% of the product of your blood, sweat and tears while the government takes 55% for those that haven't worked so hard. See a good estate planner and ask him/her about what Obama and the democratic Congress want to do with your estate and find out how to hedge against it.

Under the evil George Bush tax cuts, the estate (death) tax will be repealed entirely in 2010. In a morbid way, its like going to Atlantic City and hitting the jackpot, your a winner if you die in 2010. No estate taxes. Imagine that, your family gets to keep assets you earned. Thank you Mr. Bush.

Obama and the Democratic Congress have announced they will repeal the Bush tax cuts and reinstate the estate tax. No joke, its part of their platform. However, they have promised us that they will not allow it to go back to pre-Bush rates. Now isn't that comforting. You can sleep well tonight because Congress and Obama have promised you it will be ok. Be afraid....be very afraid.

Have I mentioned the unbelievable growing of government the Obama and democratic Congress will need to implement their platform? Everyone complains about the Social Security problem....soooo....under Obamanomics we will add a trillion dollar universal health care plan....run of course by THE GOVERNMENT. Now I'm a charitable person and do not want to see anyone denied health care...in fact I support the laws we have today that say no one with a medical emergency can be turned away from a hospital. I know that's the law because its posted in every emergency room in the country. But, wouldn't it be prudent to address Social Security, the banking industry, the national debt and the economy generally before we start monumentally expensive new social initiatives. Like Dude.... tie up the loose ends before we start spending more like a drunken sailor. Chelsea, please, no McCain jokes here.

Just my thoughts on Obamanomics....I'm sure there's another perspective out there in the Villages.