Barack & The 62% Tax Rate-In His Communist Father’s Footsteps

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WHO WILL YOU CHOOSE?

People who say Barack Obama and his minions are socialists and communists are discounted and mocked. However, if people in the government are taking the peoples’ freedoms away and do not fit a standard definition of socialism or worse, that doesn’t mean they don’t share some or many of those statist beliefs and it doesn’t mean they aren’t trying to convert these beliefs into reality. One should look at Barack Obama’s history, for an answer as to how extreme his script might be. It is especially timely to do so now that our administration wants to raise the top Federal and State taxes to a combined 62%. Are you feeling like a serf yet?

In terms of history, Barack Obama’s father, Barack Obama Senior,  tried to burden Kenya with a similar economic formula of high taxes masquerading as “investments.”

…As a Nairobi bureaucrat, Barack Hussein Obama Sr. advised the pro-Western Kenyan government there to “redistribute” income through higher taxes. He also demonized corporations and called for massive government “investment” in social programs. Senior was opposed to Nairobi’s move toward Capitalism, where dividends would be earned on their venture capital. He saw “profit” as an evil word and he wanted all gains to be redistributed equally for the benefit of all – he saw it as the government’s obligation. He was an economic terrorist to anyone who believes in self-achievement and earned profits.

Senior felt this could be done by large scale taxing (confiscatory taxes) and he said, “Theoretically, there is nothing that can stop the government from taxing 100% of income so long as the people get benefits from the government commensurate with their income which is taxed.” That of course would mean the end of land ownership which would be out of reach for all but the very rich and the government. Barack Senior did not see a limit on taxation and believed in a communist government He further said, “Certainly there is no limit to taxation if the benefits derived from public services by society measure up to the cost in taxation which they have to pay, it is a fallacy to say that there is this limit, and it is a fallacy to rely mainly on individual free enterprise to get the savings.”

Of course, under this system, the people work for the state and the state takes care of all needs according to the reigning bureaucrats’ tenets.

Now Barack Obama, his son, wants to raise all taxes – capital-gains, the death tax, implement a VAT, increase payroll taxes, increase social security taxes by removing the payroll cap. Many entrepreneurs would pay 12.4%, (6.2%for the employer and 6.2% for employee). Obama believes, as his father believed, that all income is subject to redistribution to meet the goals government decides will be the goals – it puts the bureaucrats in charge of the peoples’ earnings.

Stephen Moore of the WSJ sees a 62% tax rate (payroll and income combined) if the Democrats aren’t stopped. Moore states, “A combination of higher income tax rates, phasing out of deductions, payroll taxes, state taxes, new healthcare taxes, and a 3 percent “millionaire’s tax” would add up fast.”

“That’s more than double the highest federal marginal rate of 28 percent when President Reagan left office in 1989. Welcome back to the 1970s.” Moore states.

While we had 33% individual tax rates, our non-competitve partners had 51% rates. We are trading places with them and becoming the non-competitive partner. Taxes abroad are falling and ours are rising. They are moving away from socialism and we are moving towards it.

“What all this means is that in the late 1980s, the U.S. was nearly the lowest taxed nation in the world, and a quarter century later we’re nearly the highest,” Moore explains, even without the proposed increases to come.”

We can’t compete with this level of government control! Taking most of our money, and that’s before sales taxes, real estate taxes and fees of all sorts, enslaves us to the whims of government. Read here: Moore on the simple reason we will have the highest, most uncompetitive tax rates.

 

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