Obama: Higher Taxes Are Bad for Economic Growth

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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

To be honest. I am so torn as to who is the right candidate ….
I have so much respect for a woman who supports disabilities, and from what I have read Palin is also concerned with helping our economy, and has a very good understanding of how to do so.
The problem is that McCain does not!
I too am unemployed right now, can’t seem to find a job….and our country really needs a change. Obama may be the right choice for that. I'm not sure.
Although, I am not to thrilled about the idea of higher taxes because as it is right now, I can’t afford the taxes!!!
Without a college degree (I am in school but it will still be a while before I graduate) finding a job AT ALL is tough, and finding one that actually pays well is near impossible!!!
Taxes only add to making things more expensive.

Charlene of MI 2:51PM August 30, 2008

"McCain, on the other hand, has yet to make a good argument for free market capitalism, despite the fact that he is being labeled as a supply-side republican by liberals. If he doesn't get to work explaining how that is not a bad thing, I am afraid that the days of the free market may be coming to a close. ."
No, free markets won't come to close...they'll be offshored to China and India.

Chris of AZ 2:40PM June 13, 2008

I think that the most important aspects of Obama's economic plan is that it attempts to give a new label to the same social economics plans we have seen in the past. I know its probably a matter of rhetoric, but Obama seems far more interested in fixing the class system than fixing the economy, and in any case where he has been given the chance to explain how doing the first leads to the second, he has failed to do so.
In almost every case, I hear him pushing for a restructuring of the market such as increasing capital gains taxes and corporate taxes, which will give the government more money to redistribute to those who need it but push the few businesses left in the US outside our borders. The simple error in his program is that by taxing companies and individuals higher, we discourage business, which actually hurts the individual who is supposed to receive the redistribution. The higher the taxes: the more reluctance to invest capital in growth, the lower the revenues, the lower the dollar amount received from taxes, the less jobs for the poor... the bigger the government.
McCain, on the other hand, has yet to make a good argument for free market capitalism, despite the fact that he is being labeled as a supply-side republican by liberals. If he doesn't get to work explaining how that is not a bad thing, I am afraid that the days of the free market may be coming to a close. .

Strether of GA 11:16AM June 13, 2008

Nancy, I want you to explain to me how high taxes, taxes which are by definition a increase on the cost of production, can lead to higher economic growth.

Chris of AZ 6:03PM June 12, 2008

Presidential candidate Barack Obama has targeted the group that has manipulated our economy and caused its derailment. the ultra rich. He wants them to give back to the country that has given them their opportunities. That is reasonable and can grow our economy, when we don't have the strangling federal debt that we can't pay out of a stalled or derailed economy.

Nancy of NH 4:55PM June 12, 2008

One more time the claim that taxes on the businesses who are making megaprofits in this economy will harm the economy is more of the same claims that have allowed the industries who have been making the mega-profits, WTO controlled conglomerates to avoid fair taxation. The money that has been paid to the machine CEO's and that has been traded for speculative market gain has led to this current devastating economy. Stop perpetuatin the same old myth!

Nancy of NH 4:52PM June 12, 2008