Before the election Barack Obama made many promises. Even now as he backpedals them, very few people ever bothered to look into the truth of the matter, but I did some preliminary investigating that I want to pass on.
I told my boss what happened when I ran the numbers on Obama’s alleged tax cuts. Since I don’t own my own home or a “fuel efficient car” (despite the 41mpg my 1995 Saturn SL1 routinely delivers), in the end, under Obama’s plan I saw, assuming all other tax laws remain the same, an increase in my refund of $300. Remembering that in 2010 the Bush tax cuts expire and that capital gains rates revert to Clinton-era tax levels, for tax year 2010, I will actually OWE money, even after his proposed changes, all other things remaining equal. That constitutes a NET tax increase, despite an initial Gross tax decrease for FY2009.
He also spoke about creating some 250000 green jobs, investing in building projects, and a myriad of other things. What that doesn’t tell you is how many people will lose their jobs in order for those programs to go into effect. When Obama puts through his New Deal Deux and Green agenda, many industries will lose jobs- oil, coal, the auto industry, etc. Compound that on top of the hundreds of thousands of jobs lost this last quarter alone, and Obama won’t even break even in job creation. Notice he never talks about NET job creation.
Yes, he will reduce taxes and increase jobs, but if and only if you belong to a particular narrow slivered constituency that is already rather rich. Al Gore holds the greatest single financial stake in the green revolution, not average people; many green companies are not publicly traded, meaning that average Americans cannot buy a stake in them unless they get hired, and relatively few Americans actually intend to enter that career path. As aforementioned, at least 33% of Americans don’t pay taxes, yet if they buy a “fuel efficient car” they can qualify for a tax credit under Obama’s plan. Call me crazy, but you should never be able to get back in taxes more than you paid. That’s criminal.
Obama comes from Chicago politics. Would it be fair to say that the mob has taken over the government? Mobsters fill the judgment seats, congress, the bureaucracy, and now the presidency. May God help all those who love the law.
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