Obamanomics

Grab your check books and get ready to see a wave of accounts moved out of the US.
The presumptive savior of all "he " holds dear has big plans for dipping into every one's pocketbook.

From Money at CNN.com:

http://money.cnn.com/2008/06/20/magazines/fortune/easton_obama.fortune/index.htm?postversion=2008062311


"Obama's plan to shift the tax burden toward the wealthy and raise the federal minimum wage to $9.50 over two years (under current law it goes to $6.55 in July)."

Count on the price of everything from gas to hamburgers going up. Leftist's always think that corporations are going to take the increased cost of doing business out of their profits. Maybe they feel it they raise the minimum wage up high enough and fast enough that companies will have to absorb the cost because consumers won't.


He takes his advice from the likes of Warren Buffett, Paul Volker, Steve Jobs, Jason Furman



"The core of Obama's economic plan is:

a) more government spending: $65 billion a year for universal health insurance, $15 billion a year on alternative energy, $20 billion to help homeowners avoid default, $60 billion to bolster the nation's infrastructure, $10 billion annually to give students college tuition in exchange for public service, and on and on;

and (b) shifting the tax burden upward: ending the Bush tax cuts on families making more than $250,000 and raising payroll taxes on those same higher-income earners (the latter meant to bolster Social Security without cutting benefits or raising the retirement age). Middle-class earners would receive tax cuts, and low-income seniors would pay no income tax. Combined with a tax rebate as part of this new $50 billion stimulus plan, he argues, putting more money in the hands of middle-class consumers will help them cope with the income squeeze as well as rising energy prices.

Obama also wants to raise a range of other taxes on business and investment. He would increase the 15% capital gains tax rate - probably to 25%, according to advisors, though he excludes small businesses and new ventures from the tax altogether. He would raise the dividends tax, reinstate a 45% tax on estates worth more than $3.5 million, and close $1.3 trillion in "corporate tax loopholes." The thinking behind those tax hikes comes in part from Goolsbee, a University of Chicago economist who has studied behavioral response to economic policies. Goolsbee believes the Republican argument that lower tax rates - by spurring investment and productivity - end up generating more revenue than they lose is overblown. (He notes that Obama wants to go back to the rates of the '90s, when the economy was booming.) Instead, he believes the tax code should be used to ease financial pressures on the middle class."

In there is no consideration to look at the current budget at take a chainsaw to it to provide the money for the changes he wants to make, just the old tired Leftist attitude of redistributing the wealth of those that have........... to those that wont.

The question of how to raise more revenue may be the economic issue but the political issue is whether socking it to "the rich" in the name of "fairness" gains more votes.

WP