Peter Ferrara: Barack’s Left-Wing Extremism
Today on the radio program we’ll talk with Peter Ferrara about Barack Obama’s leftist economics. Be sure to tune in!
Here’s a great article from Ferrara on the subject of Barry O:
Barack Obama has proposed increasing every major Federal tax. He supports increasing individual income tax rates, allowing the Bush tax cuts, which cut rates for all income levels, to expire. He has proposed almost doubling the capital gains tax rate, from 15% today to 28%. He supports more than doubling the tax on dividends, from 15% to as high as 39%. He has proposed numerous corporate tax increases. He supports increasing the death tax back to the stratospheric levels that applied before President Bush. He supports increasing the payroll tax on higher income earners.
In other words, if you run a profitable small business, you can expect to be plundered by the Obamanistas from every angle. If you work for a small business, you can expect to be looking for another job.
Ferrara is Director of the International Center for Law and Economics and President of the Virginia Club for Growth. He served as a senior staff member in the White House Office of Policy Development under President Reagan and as Associate Deputy Attorney General of the United States under the first President Bush. He is a graduate of Harvard College and Harvard Law School, and has practiced law with firms on Wall Street and in Washington, DC. He wrote the first book for the Cato Institute providing a comprehensive intellectual foundation for a personal account option for Social Security, Social Security: The Inherent Contradiction (1980), and has continued to write on that concept in further books, studies and articles for Cato, the Heritage Foundation, the National Center for Policy Analysis, the Family Research Council, the U.S Chamber of Commerce, and a wide range of other institutions and publications.
7 Comments so far
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So restoring tax cuts is the same as an increase in taxes?
What is wrong with progressive taxation, since benefits accrue to the wealthy far in excess of those to the less wealthy? For example, if I drive a pickup truck load of chickens from Knoxville to Chattanooga once a week and another person owns 50 tractor-trailers that haul chickens to the same place, shouldn’t that person pay a far higher percentage of his earnings to account for the wear and tear on the road?
As far as corporate taxation is concerned, I support getting rid of it and properly taxing the owners (shareholders). Corporate personhood should be abolished (it never really existed to begin with anyway), and such companies should be subject to fines and sanctions including liquidation.
By SemiPundit on 07.22.08 12:08 pm
Semi – yes restoring tax cuts is the same as increasing taxes. If taxes are currently 10% for an income group and you increase it to 15% by removing a previous tax cut, then you are increasing the tax. Certainly you can see the math that 15% is greater than 10% and the only way to make a number greater is to increase it right?
As far as your chicken question goes. Lets say you sell 50 chickens in your load and are taxed at $1.00 per chicken. You would pay $50 in taxes. Lets say the 50 tractor trailers can haul 500 chickens each for a total of 25000 chickens which are taxed at $1.00 each. That is a tax of $25,000 for the wealthy chicken dealer. Now by my math, the wealthy chicken dealer has paid 500 times more in taxes than you did.
By Jim on 07.22.08 12:57 pm
There’s a big difference between obsessively progressive (which we already have) and communism (which is where will be under some of Obama’s policies). Yes, I’m speaking in hyperbole; however, only a true, economically ignorant person would consider raising taxes during a downturn in the economy.
By Ty on 07.22.08 3:43 pm
Nothing like having a little less in your paycheck to help offset rising fuel costs, health care costs, and food costs.
The “candidate of change” is just about right. That’s all we will be left with in our pockets, change.
By Malcolm Tent on 07.22.08 8:58 pm
Semi, why should people have things taken from them just because they have them? At what point do we punish the rich and beat them down until they are on the same level as today’s middle class? Since at that point the middle class will now be the wealthiest class left won’t we have to beat them down until we are all homeless, penniless and die in bread lines? I resent the hell out of a rich lawyer and their rich lawyer spouse telling me I need to pay more. These tax rates are not going to be raised for govt revenue but for Social Justice. B-HO has said that he wants to raise taxes to be “fair” or to punish those that succeed. Why would anyone want to work or succeed? I guess his vision of a once mighty nation is the entire population as whining wimps with no motivation holding their hands out for the “messiah” of the Obanation to fill with his worldly delights of milk and honey. Semi, grow up or sign the power of attorney papers because I wonder if you should be trusted with your own govt handout.
By BCB on 07.23.08 12:53 pm
Yesterday, I saw a guy with a nice truck. He has more money than I do. I want a truck like that.
Maybe if “The Messiah” was elected, I could get a truck like that.
/sarcasm off
By Ty on 07.23.08 5:04 pm
TY, its a nice thought but the Messiah of the Obanation is more interested in punishing the guy with the nice truck. So B-HO will spill acid on the paint put some in the engine and degrade THAT truck to make it more like my old 1988 truck. I think B-HO calls it Social Justice. But wait! There’s more! For he and his wife and others that think themselves special, they will get a new truck like Michelle got into school (even though she admits she didn’t have the scores). I think they call it Affirmative Action. Say it with me fellow “contributors”: Social Justice.
By BCB on 07.23.08 5:39 pm
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