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  • The Freedom Our Forefathers fought for must be protected.

    "Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free." - Ronald Reagan

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Obama’s Economy

Posted by rightwinger on August 22, 2008

Obama has proposed increases in every major federal tax. He has proposed to increase individual income taxes, with the top rate to rise to almost 40 percent. He has proposed to increase the top capital-gains tax rate by 33 percent. He has proposed the same for the top tax rate on dividends. He has proposed to increase payroll taxes, with a rate increase of 16 percent to 32 percent for workers earning over $250,000 a year. He has proposed to reinstate the death tax (estate tax), now phasing out under current law, with a top rate of 45 percent. He has proposed several increases in corporate taxes, including a so-called windfall-profits tax on oil.

Nobel Prize-winning economist Robert Mundell has written that if such tax increases are adopted, the U.S. economy will suffer “a deep recession, a nosedive,” and the dollar will decline further. Amity Shlaes, author of The Forgotten Man: A New History of the Great Depression, claims Obama has proposed the exact same policy mix that led to the depression of the 1930s. During the primaries, Obama railed against free trade, proposing even to renegotiate free-trade agreements with our top two trading partners, Canada and Mexico. He has opposed the Columbian Free Trade Agreement, even though it primarily removes tariffs on American exports to that country, with barriers to Columbian exports to America already almost all removed under the Andean Trade Preferences Act.

Read the article for yourself.

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