Obama may not have served in our military, but he’s a warrior nonetheless. Yes, the whole notion of a narcissistic girlie-boy like Obama serving in uniform is sort of like an out-of-body experience. As in, not in this world.
Obama is a class warrior nonpareil. His latest attempt to vilify the “rich” by raising taxes on them may smack of election-year desperation, but for a change with Obama, this is who he is: a rich guy who hates others who make their money in business.
Today’s Wall Street Journal editorial gives a terse summary of the new taxes that will be imposed:
…Mr. Obama is demanding tax increases, not tax cuts, and large increases at that. If the Bush tax rates expire as scheduled on December 31, rates on the top two income brackets will jump to 39.6% from 35%, and 36% from 33%. Add the scheduled return of income phaseouts for exemptions and deductions, and the rates go up another two-percentage points—to at least 41% and 35%.
Mr. Obama claims this will merely return rates to what “we were paying under Bill Clinton,” but that’s not true either. It ignores his ObamaCare tax increase of 0.9% on top of the current 2.9% Medicare tax, plus a new 2.9% surcharge on investment income, including interest income.
That’s an additional 3.8% surcharge on investment income, and added to the Bush expirations would take the capital gains rate to 23.8% from 15% today, and the dividend tax rate to about 45% from 15%
If anyone truly believes that strangling investment in its crib will lead to growth in our economy, they are willfully ignorant of the past, or just plain blinded by ideology. I place Obama in the latter category.
Note that this is all on top of “taxmageddon” headed our way come January 1, 2013. Unless Congress decides it needs to take a leadership role. They should; no one in the Executive Branch seems willing or able to.