Posted by
On the Right on Wednesday, July 02, 2008 11:25:22 PM
For those who like the politics of redistribution, Sen. Barack Obama
is their man. The presumed Democratic presidential nominee's plan would
soak the richest Americans and spread the wealth around.
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"In 2009," Hodge writes, "after the income-shifting in the Obama
plan, the top 1% of taxpayers would pay a greater share of the total
federal tax burden than the bottom 80% of Americans combined."
Apparently Obama believes it's fair for 1.13 million Americans to
pay more to the federal government than, as Hodge notes, "128 million
of their fellow citizens combined."
These numbers don't even include Obama's plan for hiking the Social
Security tax, which he would apply to income above $250,000 a year,
leaving a poorly thought-out, tax-free doughnut on income between
$102,000, where the tax currently stops, and $250,000.
First, increasing the burden on the top taxpayers will not make the
poor rich. It will instead make the rich poorer, which hurts low income
Americans, as there will be 131 billion fewer dollars in the private
sector for investments that create businesses and jobs.
Second, squeezing the federal tax burden onto an ever smaller group
is not smart. The Marxist appetite for radically progressive taxation
is both unfair and dangerous.
Third, the large majority that pays little or no taxes will make
excessive demands on the small group that is saddled with the burden
because the non- and low-paying group is insulated from the pain.
