Which would you rather have: an extra $284 added to your tax refund, or a job? If you’re an average American (say, a plumber), that is the difference between Obama’s tax plan and McCain’s.
The NY Times, in an articled entitled For Incomes Below $100,000, a Better Tax Break in Obama’s Plan, reports:
The median household income nationwide is $50,233, according to the Census Bureau. The Tax Policy Center found that, for married couples with incomes of $50,000, two children and both parents working, income taxes would be cut by $284 more under Mr. Obama’s plan — by $1,005, compared with $721 under Mr. McCain’s plan.
Deloitte also examined such a couple and found similar benefits; a $700 cut under Mr. McCain’s plan and $1,000 under Mr. Obama’s.
To finance this tax cut, Obama would “raise the tax rate for single households with incomes of $200,000 or more and for families with incomes over $250,000. He would also raise taxes on capital gains and dividends.” Yeah, sock it to those greedy so-and-sos, right?
Well, if you don’t fit into that $200k per year crowd, you probably work for someone who does. They earn:”(Yes, that’s right. Most of them work very hard for the money they earn.)”: enough money to enjoy some of the finer things in life, some of which are probably out of your reach at this point. But, at some point they realize that they could earn even more money (thereby enjoying even finer things and in greater quantities) if they hired a few people and grew their business. This is what’s known as capital investment–or, in liberal terms, building an empire on the backs of the poor–where wealth and resources are invested in order to generate even more wealth and resources. So, your employer invests $50,000 into your salary in order to produce $55,000 worth of goods and services. Everyone wins. You make your mortgage payment, and your boss has an extra five grand for his trouble.
Obama, who is one of these greedy so-and-sos, likes to tell you that these greedy so-and-sos have way too much money. So, here’s the deal. If you give him what he wants (i.e. a position where he has the authority to take their wealth away from them), he’ll give you what you want (i.e. other people’s stuff). Think of it like prostitution, only dirtier. He gets the power, you get the money (about $300 or so), and the rich people pick up the tab.
Yes! I’ll take that deal. I mean, who couldn’t use an extra $300? What could go wrong? Besides those rich guys have more than they need, anyway.
Well, when the someone you work for realizes that the extra revenue created by keeping you on the payroll will be negated by the extra taxes they will pay on it, suddenly keeping you employed doesn’t seem like such a good investment after all. Maybe he’ll just spend that $50,000 now instead of trying to turn it into $55k over the next 12 months. I hear Vail is pretty. So, your boss enjoys a nice ski weekend this winter while you look for a new job. Oh, but good luck with that because nobody else is hiring, either, because Obama’s tax increases will have this same effect on a national (international?) scale.
Do the math. Obama’s plan doesn’t make sense, no matter how envious you are of what the Jonses have. McCain is no Reagan, but at least he hasn’t promised to spread the wealth around, until there isn’t any left, in the name of “fairness”.