If President Obama doesn’t kill us by denying us access to health care, he’ll kill us with tax increases. His new budget proposal includes nearly two trillion dollars of new taxes. According to Obama, while it would not exactly be against the law to work or to save, these are bad things and need to be heavily taxed. And, besides, we’re not doing enough for the moochers in society. People have a right by being born in this country, or not, to their fair share of what the evil people create through their work and their creativity. Equal pay for equal work, and for no work at all!
The combination of tax increases and increasing the retirement age yet again means that for the productive people in society, Obama wants them to work until they drop dead, for nothing more than what the moochers get as their right, and, then, when they drop dead, to take any wealth they had accumulated. And, talk about domestic terrorism, what do you think expanded IRS audits is all about? If it was not already clear that we need to completely abolish the IRS tax code, and replace with something like the flat tax or the FAIR tax, it should certainly be clear now.
Even with these tax increases, and the still scheduled elimination of the Bush tax cuts after next year, the federal budget is projected to be in deficit by more than a trillion dollars a year for as far into the future as they project the budget. Plus, entitlement spending remains out of control. So, maybe we shouldn’t take much of this seriously, since we’re on a path to complete financial ruin. Obama, it seems to me, is better associated with Andropov, Milosovic and Mobutu, those who presided over the collapse of their countries, than with Marx, Engels and Lenin those who were in the vanguard of socialism.
Let’s total up the proposed taxes:
1.Raising tax rates and limiting itemized deductions $1,030 billionTOTAL, including many items not specified above $1,931 billion
2.Raising taxes on gasoline and on “the oil companies” 374 billion
3.Raising taxes on the dead 121 billion
4.Raising taxes on international income and investments 129 billion
5.Taxing phony inflation-induced profits by repealing LIFO accounting
and the like 84 billion
6.Raising taxes on those who work to subsidize those who are
unemployed up to 2 years 61 billion
7.Expanded IRS audits 55 billion
8.Raising taxes prudent financial institutions to subsidize the
TARP-assisted ones 30 billion
9.Raising taxes on all manufacturers to subsidize the clean-up costs
of those that pollute 21 billion
10.Raising taxes on private insurance 14 billion
Dr. Thies is a professor of econo-metrics and statistics at Shenandoah Univ. in Virginia