There are only days left in this campaign and I hope that when it finally ends, my mind drifts to other subject matters for more than 30 seconds at a time, seriously I need to vote and I need to vote bad. I feel like a heroin junkie, I’ll do almost anything to get this over with now, but I digress. Today, I’ve been thinking of the tax system and the “socialist” tax plan that Obama has suggested and its criticisms.
Obama’s plan is to increase taxes for the wealthy and lower the taxes on the poor and middle class. The way I see it, this makes a great deal of sense. At this point there is such a huge disparity between the poor and the upper class. Combine that with a shrinking to almost non-existent middle class, and we have a problem that ends in revolution-violent revolution. We may disagree on the actual role of government, but I think it is a safe bet that a nation teetering on the verge of chaos would not be beneficial to citizens. Yet people, most of who are well below the 250,000 dollar income threshold are very concerned that Obama is going to tax them more than McCain. I’d like to take the time to respond to some of the things people have said:
“This is going to hurt small businesses”
Well no, small businesses in general barely eek out a profit, which is why they are small businesses. If your business earns more than 250K in PROFIT, meaning earnings minus all expenses, such as rent, loans, equipment, salaries, etc well congrats you have a VERY successful business, and on that first 250K NOTHING CHANGES. So let’s take the “Joe the plumber” hypothetical so popular right now, he said something to the effect that the business he was looking to buy earned 275k, well first off, he’d need a loan for a company pulling those numbers so that would cut into the profits putting him bellow the threshold of changes and that’s without including all the other expenses I mentioned above, but lets forget all of that lets say the business profits 275k, ok only 25k would have an increase in taxation. This does not discourage entrepreneurs or investors.
“The top 5% pay more than 50% of the taxes that’s simply unfair”
Your damn right it is. In fact shame on that lower 40% that pays no taxes whatsoever how dare they get a free ride, you know what they should be force to get sub par education and medicine. I mean they really steam me with there shanty town lifestyles. Seriously, you want to make things more fair decrease the amount of people who fall into the lower class and below the poverty line. If there were more people who could work jobs that earned enough to actually contribute to the tax system we would have a system that was fairer.
“This is more tax and spend policy”
Yes, Obama does have plans that will cost money. However there are good reasons to spend money. If you imagine the government, is a business there are times you have to spend money to improve the business. Retrain the staff, get new systems refurbish old systems. These things cost money on the front end, but payback tenfold in the long run, this is what Obama’s spending is going to be about. Instead of the spending more money on that project that everyone knows is a bad idea and is way over budget (ahem Iraq).
Look I get it, Obama says he is going to raise taxes, and traditional everyone who says they are going to raise taxes does it across the board in a false sense of fairness. However Obama has been very clear in saying whom he was going to tax and for 95% of us we’re in the clear. Look at any non-partisan inspection of his tax plan and you will see that.