Obama’s Magical Tax Program

Barack Obama has loudly trumpeted his plan to cut taxes on 95% of Americans.  I’m for tax cuts as much as the next guy but here are some interesting stats from the IRS–

The top 1% of earners pay 39% of gross tax revenue.

The top 5% pay 60%.

The top 10% pay 70%

The top 25% pay 86%

The top 50% pay 97%.

Everybody else pays 3%.

The top 5% pay 60% already and Obama wants to raise their taxes.  Obama also wants to get after mean and nasty corporations and get them to pay their fair share.  Hammer businesses and see what happens.  You’ll have even more Americans not paying taxes because they won’t have jobs.  This mentality that somehow punishing “big business” helps the little people is ridiculous.  Every extra dollar that is squeezed out of your company to pay more taxes is a dollar that can never go to give you a raise or fund another position or even to keep your position intact.  What happens when the local steel mill or auto plant closes down because of reckless tax policies?  And yet the same people who are so often victimized by the closing of a plant will vote democrat because the dems are for the little guy.

Why do local and state governments work so hard and offer tax breaks to bring a business to town?  It is in everyone’s best interest to have a nation where people have jobs and are self- sufficient as opposed to a nation that lives on the government dole.  I’ve never seen anyone get rich because they lived on government money.

The last democrat that sat in the oval office also promised to cut taxes on the middle class during his campaign but somehow within a month of taking office he announced a tax hike.  Regardless of what Obama says, what does his history say?  Obama’s history in the Illinois State Legislature is a picture of a man who is fond of taxes of all shapes and sizes.  He voted against extending the Bush tax cuts and seems to love punitive taxes on business.

Heard of wealth redistribution?  What if the tax cut you get that is offset by the taxes on your company ends up costing you your job?