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Find The Boots

Rantings from a few corporate types about life, technology, travel, guns, politics, and everything good in the world.

The W Word

Thursday, October 16, 2008

I'm so sick of hearing from the media that if your business makes more than $250K in profit you're rich and should be willing to help spread the wealth. Obama and his crew have no clue about how the tax system they plan to completely reformat actually works. Or perhaps they do. Obama's plan has S Corps paying 39.6% on profits over $250K, the largest increase in recent memory.

You may think that Joe The Plumber will be rich if he starts pulling $250K/year out of his small business S Corp. Except that you're not taking into account that Joe worked for 20 years to get to that point. He probably ran up personal debt. He certainly didn't put aside the retirement savings that he would have if he had just become a corporate drone -- those savings are going into purchasing the business. He worked at a greatly reduced rate so that he could build himself up. And now, after working hard for his entire career and being within striking range, Obama wants to swoop in and spread his wealth around for him.

I'm sorry Senator Obama, but most of us don't have rich friends that will buy million dollar houses for us. We didn't become millionaires from those lucrative community organizer jobs like you had. We're not wealthy like you -- we've been working our entire lives to get to where we are. And we don't appreciate you taking our hard earned money and spreading it around to your constituents.

Here's what McCain should have said in the debate when Obama said "I'm going to give 95% of Americans a tax cut." :

"Senator, you keep using those words -- tax cut. In fact, under your plan 40% of the people, who don't pay taxes now, would actually receive a check from the government as a tax credit. You're going to be taking from people that will be paying higher taxes and redistributing their income to people that don't pay taxes. Let's call that what it is. You're bringing back the welfare state."

McCain needs to call Obama's plan what it is: Welfare. Obama's plan is the largest increase in welfare we've ever seen. The Democrats keep telling us that the economy will go back to what it was like under Bill Clinton once they get back in control. Except that Bill Clinton cut back welfare. Even he didn't call it something else and then expand it.

   

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