Tags: barack | obama | tax

Obama's Tax Plan Will Drive Businesses Out of Business

Thursday, 09 Sep 2010 08:46 AM

By Michael Reagan

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Having plunged the nation into a deep financial crisis with his wild and unrestrained spending of money we do not have — on things the nation does not need — President Obama is now proposing to spend even more, claiming that this time it will work.

On Monday, he called on his pet Democratic-controlled Congress to turn on the money spigot once more, insisting that this time it will stimulate an economy in the doldrums and create jobs in a time of rising unemployment.

According to The New York Times, he asked Congress to appropriate vast sums of borrowed money to upgrade the nation’s roads, railroads, and airport runways as part of a multibillion dollar, six-year scheme — part of a plan that would cost tens of billions of dollars and create a government-run bank to finance allegedly innovative transportation projects.

It appears that the president, despite all the evidence to the contrary, is convinced that the best way of solving our economic woes is to pass the cost onto future generations yet unborn, and by supporting abortion of unborn humans he sharply limits the number of new humans to be burdened with paying for all of his wanton spending.

To make matters worse, he wants to heavily tax the very taxpayers who create jobs by investing the money he wants to wants to confiscate through taxes.

If that doesn’t make any sense to you, you are one of the growing number of Americans who are beginning to believe that the president is seeking to impose a socialist system upon this nation.

Think about it. The best way to destroy an economic system is to destroy the economy. That will enable you to replace the destroyed system with one that you favor. And if everything you do vis-à-vis the economy seems right out of Karl Marx’s playbook, then the system you want to impose is a Marxist one.

Among his many approaches to solving our economic problems was the creation of a deficit commission that will study our economic problems and, after 10 months of diagnosing the problem, come up with a solution.

Does Mr. Obama really believe that we need a panel of wise men to tell us what anybody with an ounce of sense understands: that when you keep spending money you don’t have, thereby incurring unmentionably huge amounts of debt on which the annual interest alone equals the entire gross national product, you are not solving a problem, you are creating an even more serious one?

Just what steps is this commission expected to recommend?

Well how about the solution all big government advocates are bound to recommend: raise taxes. As the Times asked, Why should the taxpayers pay for the mistakes the government keeps making?

That’s a dandy idea. Confiscate a large part of the income of the so-called rich — you know, the folks who keep businesses going by investing in them, thereby limiting their ability to put money into the economy and making it possible for the firms in which they invest to grow and create new jobs.

Don’t expect this Congress to do anything that will really help the economy; for example, extending the Bush tax cuts. After all, that initially limits the amount of money the government can confiscate from the people whose investments keep the economy growing.

Uncle Sam needs that money to pay for all those government programs that ladle out money to the people.

That’s never called what it is: buying people’s votes by giving them money taken from their fellow Americans.

But worry not. Barack Obama’s new commission will figure out a way to square the circle by recommending steps the pols would never dare take. And won’t.


Mike Reagan, the elder son of the late President Ronald Reagan, is president of The Reagan Legacy Foundation (www.reaganlegacyfoundation.org), and founder and chairman of The Reagan Group. Look for Mike’s books and other information at www.reagan.com

© Mike Reagan

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