Wednesday, October 22, 2008
Obamanomics
Glenn Reynolds links to this short post at TaxProf Blog, which ponders the question of what will happen when a majority of Americans have a net tax burden of zero or less. Here's the bottom line:
If Mr. Obama is elected and he has a heavy majority in the House and a filibuster-proof majority in the Senate, free rein will be given the wildest instincts of the Democrat Party's left wing. I believe that will be a master disaster for the economy and the Nation generally.
People who vote for Obama will get the government they deserve. Unfortunately, those of us who don't vote for Obama will get the same government.
May God help us all.
The plunder that the Democrats plan to extract from the "very rich" -- the 5% that earn more than $250,000 and who already pay 60% of the federal income tax bill -- will never stretch to cover the expansive programs Mr. Obama promises.
What next? A core group of Obama enthusiasts -- those educated professionals who applaud the "fairness" of their candidate's tax plans -- will soon see their $100,000-$150,000 incomes targeted. As entitlements expand and a self-interested majority votes, the higher tax brackets will kick in at lower levels down the ladder, all the way to households with a $75,000 income.
If Mr. Obama is elected and he has a heavy majority in the House and a filibuster-proof majority in the Senate, free rein will be given the wildest instincts of the Democrat Party's left wing. I believe that will be a master disaster for the economy and the Nation generally.
People who vote for Obama will get the government they deserve. Unfortunately, those of us who don't vote for Obama will get the same government.
May God help us all.
Labels: Congress, Democrats, Economics, Election, Obama, politics, Tax policy, Taxes
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