Spring Break
Obama's fiscal policy will futher sink our country
Ian Bezek
Issue date: 5/5/08 Section: Opinion
With American economic conditions continuing to deteriorate, the last thing we need is for the government to stifle the consumers and businesses.
Sadly, Barack Obama appears to be oblivious to the economic suffering that his proposed tax increases would cause.
Obama plans to almost entirely rescind the Bush tax cuts. While the Bush presidency has been an unmitigated fiasco, it must be noted that his tax cuts were one largely successful policy.
Despite the crash in technology stocks and the aftershocks of 9/11, the economy barely missed a beat, falling into the briefest recession in U.S. history. Bush's tax cuts played a large part in keeping things humming along, providing a large incentive for consumers to spend more money and businesses to invest profits thereby creating new jobs.
Since the economy came out of its slump in 2002, we have had five years of solid growth up until this year. Now, though, Obama wants to undo Bush's tax plans and raise the tax rates back to pre-2001 levels. Obama claims that this would only affect the rich, but the tax cuts have benefited nearly everyone.
For instance, the Bush tax cuts increased the size of the tax deduction for people raising children and also eliminated the penalties that the tax code applied to people who were married. The last time I checked, Americans of all incomes get married and have kids.
Almost half of Americans own stocks directly or indirectly through mutual funds or pensions. Obama would drastically hike taxes on investment profits, thus hurting almost half of Americans - hardly just the rich.
In fact, one expert concluded that Obama's tax hikes on investments would cause the American stock market to lose 10 to 20 percent of its value immediately as people sold out their shares to avoid the growing tax burden. I can't imagine how a 20 percent drop in the stock market would help the economy.
Most ridiculously of all, Obama opposes easing the tax burden on gasoline. There is bipartisan support for the elimination of the federal gas tax of roughly 20 cents a gallon through the summer driving season. Both McCain and Clinton have supported this plan as a way to help ease the pain at the pump.
Sadly, Barack Obama appears to be oblivious to the economic suffering that his proposed tax increases would cause.
Obama plans to almost entirely rescind the Bush tax cuts. While the Bush presidency has been an unmitigated fiasco, it must be noted that his tax cuts were one largely successful policy.
Despite the crash in technology stocks and the aftershocks of 9/11, the economy barely missed a beat, falling into the briefest recession in U.S. history. Bush's tax cuts played a large part in keeping things humming along, providing a large incentive for consumers to spend more money and businesses to invest profits thereby creating new jobs.
Since the economy came out of its slump in 2002, we have had five years of solid growth up until this year. Now, though, Obama wants to undo Bush's tax plans and raise the tax rates back to pre-2001 levels. Obama claims that this would only affect the rich, but the tax cuts have benefited nearly everyone.
For instance, the Bush tax cuts increased the size of the tax deduction for people raising children and also eliminated the penalties that the tax code applied to people who were married. The last time I checked, Americans of all incomes get married and have kids.
Almost half of Americans own stocks directly or indirectly through mutual funds or pensions. Obama would drastically hike taxes on investment profits, thus hurting almost half of Americans - hardly just the rich.
In fact, one expert concluded that Obama's tax hikes on investments would cause the American stock market to lose 10 to 20 percent of its value immediately as people sold out their shares to avoid the growing tax burden. I can't imagine how a 20 percent drop in the stock market would help the economy.
Most ridiculously of all, Obama opposes easing the tax burden on gasoline. There is bipartisan support for the elimination of the federal gas tax of roughly 20 cents a gallon through the summer driving season. Both McCain and Clinton have supported this plan as a way to help ease the pain at the pump.
Viewing Comments 1 - 9 of 14
jimmy
posted 5/05/08 @ 9:18 AM MST
the only thing irresponsible is your logic. The oil tax break for the summer is a ploy for votes. When the geniuses in the house cut the tax, the oil companies are merely going to make up the difference and then at the end of the summer where prices have overall not changed we can expect a wonderful 18 cent increase. (Continued…)
Dustin
posted 5/05/08 @ 1:53 PM MST
Jimmy is exactly right, your logic is totally absurd. When this gas tax holiday is all said and done, the people that will actually benefit from it are the oil companies, not the consumers. (Continued…)
Craig Hawley
posted 5/05/08 @ 1:59 PM MST
Both Obama and Hillary will bankrupt the country with their social programs that are just to expensive.
We need smaller government. We need the government out of our lives not some huge new social programs providing freebies to every lazy bum and illegal immigrant in the country. (Continued…)
erik
posted 5/05/08 @ 6:24 PM MST
less tax here will just inevitably equal more tax in another sector. Very weak, pathetic plan imo
Chrisvc89
Chris VanCamp
posted 3/16/09 @ 7:01 PM MST
Ian, You aren't really saying anything in this article. You bring no good arguments to the table or better suggestions at that. All you seem to do is criticize our future president. (Continued…)
Arvensis
posted 3/18/09 @ 11:52 AM MST
You are all out of touch. In the first place, it's not Barry making the decisions. This economic collapse has been strategically engineered by the international banksters. (Continued…)
Arvensis
posted 3/20/09 @ 8:09 AM MST
Duder:
Best answer I have heard yet, but what I was looking for was the argument they used to weasel their way into the system. They claimed that by implementing a private, central bank to control the US economy, there would never again be a scare like we had in 1913. (Continued…)
Craig Hawley
posted 3/22/09 @ 11:28 PM MST
One word for you.
BILDERBERGER'S.
Zach Teters
posted 3/23/09 @ 12:07 PM MST
A: The 'pain at the pump' argument is outdated, drastically reduced demand and increasing supply have caused gas prices to go lower than we have seen in years and due to the recession they will likely stay that way. (Continued…)
Post a Comment