Obama: Higher Taxes Are Bad for Economic Growth

Typical let's find someone to blame. The easy target the rich, who already pay much more taxes than anyone else. American's love to find the scapegoat and then seek revenge on them.

When people who had no business taking out mortgages, did so anyway, we decided that it was the bank's fault for loaning them money. Oh, but those mortgages were unfair, you say? The terms were in writing. If you sign them without reading them, then why is it someone else's fault? Or even worse, if you took the loan, understanding that you would not be able to pay eventually, then why should we blame mortgage companies?

Now, with the Obamacrats tax strategy, it's time to direct our wrath onto the rich. Despite the fact that they pay, already, and overwhelming majority of out tax base (the top 5% of earners in the US pay 60% of US tax revenue), let's tax them some more. How can that be bad for the economy?

Simple.The wealthy invest their capital, and wages come from capital investment. So if we take away money that would otherwise be invested from the wealthy, then we take away money that would lead to economic growth and higher wages for the average working person. moreover, the simple truth is that raising the tax rate can actually reduce tax revenue by shrinking the tax base.

Yes, raising taxes is bad for the economy. Though wealth redistribution may seem fair, it is a quick fix that inevitably retards economic growth and siphons money out of the pockets of the middle and lower income households.

Perhaps we should direct our ire toward our overinflated government and a pointless war that has costs this county its economy.

of NY 4:11PM September 06, 2008