Tuesday, October 14, 2008

Obama's Wealth Redistribution Plan

Obama comes clean about his tax plan-

“Your new tax plan is going to tax me more. Isn’t it?”

Obama: “It’s not that I want to punish your success, I just want to make sure that everybody that is behind you, that they have a chance for success too. I think that when you spread the wealth around, it’s good for everybody.”

In short, he's telling this man that he's going to take away some of his wealth to give to others.

Who was he talking to? A CEO maybe? Or some other wealthy businessman who makes a fortune each year?


This is what Barack Obama told a plumber.

As the talking heads in the clip point out Obama talks about a tax cut for 95% of Americans- even though something like a third of them don't pay taxes. He's going to take money out of your pocket not just for his expanded government programs, but also to just give to people. It my book taking one man's hard earned income and giving it to someone else isn't a tax cut.

Can it get any clearer than that?

UPDATE- There's more on Obama's views of what taxes represent here.

GIBSON: And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down.

So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness.

This isn't just about providing sufficient funds for government spending- as Gibson points out reducing tax rates increases the amount the government was able to collect- it's about taking money from the wealthy because Obama doesn't think it's fair that they have more than others.

If he's elected he plans to punish the wealthy for being successful (and his definition of wealthy is pretty loose if he includes raising the taxes of a plumber, a blue collar worker) to give that money to those with less.

This is the sort of thing I'd expect in Europe, not from a US Presidential candidate.

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