Here are some key issues on this election that may help those who are undecided.
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Spending Issues
Citizens against Government Waste is a leading taxpayer group that monitors wasteful spending and in its most recent ratings Obama was rated at 10% while McCain was rated 100%.
Another fiscal watchdog group, The Club for Growth, said this about Obamas spending record:
As Senators, it often seemed like Edwards, Clinton and Obama were congenitally incapable of saying no to government spending
Clinton and Obama voted to keep the $223 million boon-
doggle known as the Bridge to Nowhere, for the expansive 2005 highway bill, and for
corporate welfare.
Once again, there is no comparison between the two candidates. In addition to all the pork spending, Obama has voted for every wild-eyed federal spending program that came before him, all increasing federal government involvement in areas that our founding fathers never envisioned. They are too numerous to list here.
This reckless spending is also evident in his campaign proposals. The best way to summarize these proposals is to turn to Investors Business Daily in an article titled, Barack Obama's Stealth Socialism:
It's clear from a close reading of his two books that he's a firm believer in class envy. He
assumes the economy is a fixed pie, whereby the successful only get rich at the expense
of the poor. Following this discredited Marxist model, he believes government must step
in and redistribute pieces of the pie. That requires massive transfers of wealth through
government taxing and spending, a return to the entitlement days of old.
Of course, Obama is too smart to try to smuggle such hoary collectivist garbage through the
front door. He's disguising the wealth transfers as "investments" "to make America more
competitive," he says, or "that give us a fighting chance," whatever that means. Among his
proposed "investments":
"Universal," "guaranteed" health care.
"Free" college tuition.
"Universal national service" (a la Havana).
"Universal 401(k)s" (in which the government would match contributions made
by "low- and moderate-income families").
"Free" job training (even for criminals).
"Wage insurance" (to supplement dislocated union workers' old income levels).
"Free" child care and "universal" preschool.
More subsidized public housing.
A fatter earned income tax credit for "working poor."
And even a Global Poverty Act that amounts to a Marshall Plan for the Third
World, first and foremost Africa.
His new New Deal also guarantees a "living wage," with a $10 minimum wage indexed
to inflation; and "fair trade" and "fair labor practices," with breaks for "patriot employers"
who cow-tow to unions, and sticks for "nonpatriot" companies that don't. That's just for
starters first-term stuff.
Obama doesn't stop with socialized health care. He wants to socialize your entire human
resources department from payrolls to pensions. His social-microengineering
even extends to mandating all employers provide seven paid sick days per year to salary and
hourly workers alike.
These proposals alone will bankrupt the nation. Lastly, we need not forget about one of the most irresponsible spending bills ever introduced in American history. Its Obamas utopian foreign aid proposal called the Global Poverty Act. It has already passed the house and a key Senate committee and will surely be implemented if Obama becomes president.
It calls for the US to turn over $845 Billion of our tax dollars to some UN agency to distribute to third world countries to end poverty. Im not kidding. Yes, these are the same Third World countries which currently receive $300 billion in aid from America and basically waste it thanks to corruption and socialism.
The Obama campaign is refusing to comment on many of the details of the plan, but it will cost every American taxpayer around $2,500 each. Furthermore, the agency set up by the UN to implement the anti-poverty effort would have the power to tax nations, so Obamas bill will unconstitutionally give the power to tax American taxpayers to a foreign entity. American taxes are bad enough but Obama apparently now wants global taxes.
There is really no other way to describe Obamas philosophy of government than socialism. Is this what he means by reform?
http://councilfor.cagw.org/site/News...ticle&id=11590
http://www.ibdeditorials.com/IBDArti...02137342405551
http://www.clubforgrowth.org/2007/12...hite_paper.php
http://www.ibdeditorials.com/IBDArti...02222641317480
http://www.worldnetdaily.com/index.p...w&pageId=56405
Taxes
The chart below was assembled by Americans for Tax Reform, perhaps Americas leading tax watchdog group and is based upon the actual statements of McCain and Obama. If you still dont know who to vote for by now, you better show this to your accountant and figure how much more in taxes you will pay if Obama is elected.
McCain vs. Obama on Taxes
Present Law McCain Obama Obama (primaries)
Top Personal Rate 35% 35% 39.6% (1) 39.6%
Capital Gains Rate 15% 15% 20% 28% (2)
Dividends Rate 15% 15% 20% 39.6%
Death Tax 0% by 2010 15%/$10
Million (3) 45%/$7
Million (4) 55%
$1 million
AMT Rate(5) 28% 0% (Repealed) 28% 28%
Small Business
Employer Rate(6) 37.9% 37.9% Up To 54.8% 54.9%
Tax Hike
Marriage Penalty N/A N/A $250,000 MFJ
$200,000
Single(7) Full from
Dollar
One
Corporate Income
Tax(8) 35% 25% 35% 35%
Business
Infrastructure(9) Long and
Complex
Depreciation Full Expensing Long and
Complex
Depreciation Long and
Complex
Depreciation
Windfall Profits
Tax On Energy
Companies(10) None None Yes
Rate
Unknown Yes
Rate
1This would give the U.S. a higher national top marginal tax rate than Canada, the Czech Republic,
Denmark, Finland, Hungary, Iceland, South Korea, Luxembourg, Mexico, New Zealand, Norway,
Slovakia, Spain, Sweden, Switzerland, and Turkey (Source: OECD Tax Database)
2 CNBC Closing Bell. March 27, 2008
3 The first $5 million ($10 million for a surviving spouse) of an estate would be death tax-exempt (Source:
johnmccain.com)
4 The first $3.5 million ($7 million for a surviving spouse) of an estate would be death tax-exempt
(Source: barackobama.com)
5 The alternative minimum tax (AMT) requires taxpayers to calculate their taxes two ways, and pay
whichever method results in a higher tax owed
6 Self-employed taxpayers pay both ordinary income tax and self-employment tax (Social Security and
Medicare). According to the NFIB, most small business employers make at least $250,000 per year
(Source: nfib.org)
7 Barack Obama has said he would raise taxes on married couples making $250,000 and individuals
making $200,000 per year (Source: barackobama.com)
8 The U.S. corporate income tax is currently the second-highest in the developed world. The average
European corporate income tax rate is about 25%
9 It takes larger businesses several years to deduct machinery and equipment, even though they purchase
the business asset in year one (e.g. a computer must be slowly-deducted over six calendar years)
10 Above and beyond the current 35% corporate income tax rate on energy companies
Yes, youve probably heard Obama claim he will cut taxes for the middle class, but it turns out his proposal is really a clever campaign trick. Heres what the Investors Business Daily says:
But whats touted as tax-cutting hides tax increases for the middle class. According to
the American Enterprise Institutes Alex Brill and Alan Viard, Senator Obamas proposed
tax cuts for the middle class are actually marginal rate hikes in disguise. The reason: Obamas
plan rescinds tax breaks as some taxpayers incomes rise, reducing their incentives to earn
more
.the increase happens because Obama phases out the child and dependent-care credit
for one-child families in the $30,000 to $58,000 range.
The Wall Street Journal also attacked Obamas tax plan:
He proposes to raise marginal rates for just about every federal tax. He also proposes a raft of
tax credits that taxpayers can receive if they engage in various government-specified activities.
Moreover, the tax credits would mostly go to those who pay little or nothing in federal income
taxes
such credits are not tax cuts. Indeed, they should be called The New Tax Welfare.
In effect, Mr. Obama is proposing to create or expand a slew of government spending programs
that are disguised as tax credits.
And his record as a US Senator confirms his pro-tax record. The Club for Growth published a paper analyzing Obamas tax record in the U.S. Senate:
Hillary Clinton, Barack Obama, and John Edwards have very similar voting records and policy
proposals on the issue of taxes, sharing a strident antagonism toward lower tax rates and
economic freedom
Barack Obama joined Clinton in opposing the extension of the Bush
tax cuts; in opposing the extension of decreased tax rates for capital gains and dividends.
And the ratings published this year by the taxpayers watchdog group, Americans for Tax Reform, also confirm Obamas recklessness. He received a rating of 15% (100 being the best) while McCain received an 80%. Another taxpayer group, National Taxpayers Union, rated McCain as an 88% or an A and Obama as 16% or F.
Obamas record in the Illinois State Senate is also horrific. Heres CBS News:
Obama occasionally supported higher taxes, joining other Democrats in pushing to raise
more than 300 taxes and fees on businesses in 2004 to help solve a budget deficit.
I guess CBS considers 300 tax hikes as occasional, but you gotta hand it to them; theyre putting the most positive spin than can on Obamas anti-business history. Unbelievable.
Obamas tax proposals are a recipe for disaster but they illustrate something alarming: this is a man who doesnt seem to understand the impact escalating taxes have upon ordinary Americans, particularly small businesses. His desire for new taxes is driven by his utopian desire to remake society with all his new programs that need funding. This elitist attitude will not reform government, it will make it more onerous and more under the control of various special interest groups.
Over and over again, Obama has lied to Americans about how the rich dont pay enough taxes; indeed, he is so steeped in his hard left ideology he has never bothered to check the stats produced each year by the IRS. Here they are:
Who Pays Income Taxes? See Who Pays What
For Tax Year 2006
Percentiles Ranked by AGI AGI Threshold on Percentiles Percentage of Federal Personal Income Tax Paid
Top 1% $388,806 39.89
Top 5% $153,542 60.14
Top 10% $108,904 70.79
Top 25% $64,702 86.27
Top 50% $31,987 97.01
Bottom 50% <$31,987 2.99
As one can see, the top 10% of all taxpayers the rich is paying over 70%; in other words the rich pay disproportionately more than their share. Any more taxes on this class as Obama proposes will only stifle job creation and chase jobs overseas. The bottom 50% pay only 2.99% of all taxes.
http://www.ibdeditorials.com/IBDArti...04297643560219
http://online.wsj.com/article/SB1219...googlenews_wsj
http://www.atr.org/content/pdf/2008/...n Matrix.pdf
http://www.clubforgrowth.org/2007/12...hite_paper.php
http://www.ibdeditorial.com/IBDArtic...03952499910291
http://www.cbsnews.com/stories/2007/...n2369157.shtml
http://www.atr.org/national/ratings/...teratings.html
http://www.ntu.org/main/components/r...?senate_id=180