A self-described Urban Conservative, Akindele Akinyemi "is aiming to change the minds, hearts and souls of those who are lost in the wilderness of Michigan." His philosophy of the Urban Conservative Movement aligns closely with most of the regular posters at The Minority Report, and many of our readers. I highly recommend you bookmark his site, Akindele Unleashed.
Today, I was drawn to this piece, Obama's Slick Tax Policy & Why I'm Not Fooled, by Quanicia Wilson.
It is a particularly long piece, but well worth the read. She begins by pointing out some of the flaws in the Obama Tax Plan, with her own personal history to add background near the end. In her own words:
I apologize in advance for the length of this blog but Obama's "Robin Hood" act has me hot. Here is the truth of the matter.Obama's tax policy will not only hurt the "rich" but will hurt the average everyday American. Obama claims that his plan would only tax the TOP 5% which is utter b.s. I want to straighten this fallacy out. Let's use common sense people, how is he gonna pay for his additional 1 trillion dollar annual increase in spending for all his social entitlement programs if he "only" raises taxes on the top 5% (it is estimated that it would only increase tax revenue by several billion a year). Where do you think the rest of the money 2 pay for all his fake socialistic programs is gonna come from? Let me give you a hint...it will come from YOU!
Obama is not only targeting people over 250,000.
He avoids the subject as much as he can, but also advocates removing the cap on Social Security taxes, which is now at 102,000. That's the dirty little secret!Currently, someone who makes 150,000 would pay 9,110 in payroll (SS) tax.With the cap removed, that tax would become 11,353, that's a 2,200 increase (24% increase in payroll tax). If its 200,000 looks like this: with cap: 9,990 (the additional 880 is medicare tax which has no limit) without cap: 15,342; that's an increase: 5,352 (53% increase in payroll tax). Don't forget, the payroll tax isn't reduced by dependents or deductions or capital losses. These figures are accurate for EVERYONE. So you don't even need to get to 250,000 and get hammered with the "tax hike for the rich" to get hammered with the "tax hike for the middle."
Lastly, if he raises taxes on the so-called rich, those that make 250K or more per year, how will that affect the economy? The majority of those who make that income are small business owners (who hire the majority of people in this country) who have beauty salons, pawn shops, gas stations, barber shops, CPAs, mom & pop restaurants, etc. who are able to claim their business income on their personal tax returns. Of course that is before expenses and loss. So in all essence, your boy who cuts hair may bring in 250K in receipts but only take home 30K per year but due to Obama's horrible and punitive tax plans, he is considered rich. The combined federal tax rate for those individuals will end up (when you combine all the tax increases he wants i.e. capital gains, payroll, social security, global poverty tax, etc) it will make their combined tax rate upwards of 55%. I know, I have owned a small business since May 2000. That will lead to layoffs and bankruptcies because those businesses will have 2 let people go because what they were paying the employee, will now be taken in taxes. Also, he better stop this, "Im gonna tax the rich b.s." because they already pay the majority of taxes in this country.
Although Sen Obama has tried valiantly to claim that MOST small businesses earn less than $250,000 in profits, his campaign let slip just this week that that $250,000 figure actually has to do with "receipts". Keep in mind that MOST businesses in this country do $250,000 in "receipts", although their "profits" might be only a small fraction of that figure.
Another important fact to remember, and something that Democrats are loath to admit, CORPORATIONS DO NOT PAY TAXES! corporations increase the price of their product to pay for the taxes they pay, or they cut back on the number of workers they can afford to employ.
The taxes we levy on businesses is the second highest in the entire world. Can you imagine the economic growth -- and therefore the number of additional JOBS that would be created if the government would simply drop those taxes?
The Obama rhetoric of taxing only the rich is nothing more nor less than populist class warfare! The rich are already paying their "fair share" and efforts by Sen Obama to increase their tax burden will only drive away jobs.
Think of it this way: less than 3-1/2 dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners. Are the top half millionaires? No, more like "thousandaires." The top 50% were those individuals or couples filing jointly who earned $29,019 and up in 2003. (The top 1% earned $295,495-plus.) Americans who want to continue to improve their lives, and those who don't want to, aren't. Here are the wage earners in each category and the percentages they pay:
- The top 1% pay over a third, 34.27% of all income taxes.
- The top 5% pay 54.36% of all income taxes
- The top 10% pay 65.84%
- The top 25% pay 83.88%The bottom 50%? They pay a paltry 3.46% of all income taxes (that rate is lower than the one from 2002: 3.50%). I know when the checks came out when Bush passed his tax cuts, my sister who has 3 kids, got a check for almost $4000.00, that's in addition to her regular refund she had gotten earlier in the year. The top 1% is paying nearly ten times the federal income taxes than the bottom 50%! How much more Obama are you gonna take from them?
There is nothing in the above figures that regular readers and posters at The Minority Report do not already know. What is different here is in hearing it from Urban Conservatives, on the front lines of changing the minds of the communities in which they live.
Keep up the good fight.
I'll let him know to come hang around these parts.
“Remember that a government big enough to give you everything you want is also big enough to take away everything you have." Barry Goldwater
Formerly known as BlackRepub