Very simple, he will raise Social Security taxation, and minimize military spending.
The only problem is, with higher Income Tax for the top 5% of the taxpayers, and higher Capital Gains tax, the business community will shrink down and the tax receipt will shrink right along.
Therefore, less money to spend. Which will follow with higher tax for taxpayers will go further down on the tax bracket, probably until the Democrats have to increase the taxation of the whole Middle Class. Probably all the way down to $50K income per year.
Additionally, with the Green agenda, your energy cost is going to skyrocket.
Don't be surprised if you see the following. Electric Cost - Triple of the current cost. Unemployment - 15%+ Inflation - 10%+
Which would mean the continuation of the Carter Administration. Do you remember the late 70's?
In another words, it's going to be real bad for the next 4 years.
Obama is confronting problems much bigger than he is anyway. They will have to raise taxes, because he will not be able to say no to the liberal mouths hungry for our money even if he wanted to. Our saving grace on military technology development may be that many military technologies have strong civilian uses.
Michael, the link that Anonymous left tells us what Obama said he would do during the election. It doesn't tell us what he will do when he's elected. He said many things while running in the primary, and changed his stance while running against McCain. The transfer of taxes from high earners to middle- and low-income earners is a way of redistributing the nation's income and is definitely a socialistic idea, but I guess that's beside the point as you asked how is he going to be able to do it. I don't believe he will be able to do it. He's already said that because the economy is in trouble the tax cuts may have to wait awhile. Regardless, whatever he does is going to come out of our pockets because the bottom line is none of the money the government has is really the government's money. It all comes from us, doesn't it? We're the ones who are going to have to pay for all the bailouts. Ultimately, his plans if implemented, are going to cost the taxpayers big time.
5 comments:
Very simple, he will raise Social Security taxation, and minimize military spending.
The only problem is, with higher Income Tax for the top 5% of the taxpayers, and higher Capital Gains tax, the business community will shrink down and the tax receipt will shrink right along.
Therefore, less money to spend. Which will follow with higher tax for taxpayers will go further down on the tax bracket, probably until the Democrats have to increase the taxation of the whole Middle Class. Probably all the way down to $50K income per year.
Additionally, with the Green agenda, your energy cost is going to skyrocket.
Don't be surprised if you see the following.
Electric Cost - Triple of the current cost.
Unemployment - 15%+
Inflation - 10%+
Which would mean the continuation of the Carter Administration. Do you remember the late 70's?
In another words, it's going to be real bad for the next 4 years.
Wow, right on target!!
David A.
Obama is confronting problems much bigger than he is anyway. They will have to raise taxes, because he will not be able to say no to the liberal mouths hungry for our money even if he wanted to. Our saving grace on military technology development may be that many military technologies have strong civilian uses.
Maybe this'll help you out:
http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html
Michael, the link that Anonymous left tells us what Obama said he would do during the election. It doesn't tell us what he will do when he's elected. He said many things while running in the primary, and changed his stance while running against McCain. The transfer of taxes from high earners to middle- and low-income earners is a way of redistributing the nation's income and is definitely a socialistic idea, but I guess that's beside the point as you asked how is he going to be able to do it. I don't believe he will be able to do it. He's already said that because the economy is in trouble the tax cuts may have to wait awhile. Regardless, whatever he does is going to come out of our pockets because the bottom line is none of the money the government has is really the government's money. It all comes from us, doesn't it? We're the ones who are going to have to pay for all the bailouts. Ultimately, his plans if implemented, are going to cost the taxpayers big time.
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