God Rest Ye, Merry Gentlemen - Jars of Clay - listen now

Monday, October 27, 2008

The Socialist Dreams Of His Father...

B. Hussein Obama, Jr. comes by his political and economic beliefs honestly. He learned them from his father B. Hussein Obama, Sr.

Via IBD Editorials: Like Father, Like Son:
Writing in a 1965 scholarly paper, Obama's late father slammed the administration of then-President Jomo Kenyatta for moving the Third World country away from socialism toward capitalism. He chafed at the idea of relying on private investors — who earn "dividends" on their venture capital — to develop the country's fledgling economy.

"What is more important is to find means by which we can redistribute our economic gains to the benefit of all," said the senior Obama, a Harvard-educated economist. "This is the government's obligation." The "means" he had in mind were confiscatory taxes on a scale that redefines the term "progressive taxation."

"Theoretically," he wrote, "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." [...]

His son is also pushing massive taxes and "investments" in social programs — at the expense of free enterprise. Sen. Obama wants to raise the top marginal income-tax rate to at least 39%, while increasing Social Security taxes on those with higher incomes by completely removing the payroll cap. That means many entrepreneurs would be paying 12.4% (6.2% on employer and 6.2% on employee) on Social Security payroll taxes alone, plus the 2.9% on Medicare taxes, for a total federal tax rate of 54%.

In addition, Obama wants to jack up the capital-gains tax rate and reinstate the death tax.

Echoing his father, he argues that the government should impose "tax laws that restore some balance to the distribution of the nation's wealth."

And likewise, he asserts that the nation's wealth ought to be rechanneled by government into "investments" in the economy and welfare programs that create "a new American social compact."
It's getting more and more clear just how far left Barry leans.

0 comments:

Recent Comments

Contact Me

eMail:
cyberkevinblogs@gmail.com

MSN:
cyberkevinblogs

Google Chat:
cyberkevin1

Label Cloud

Followers

. . .

. . .

. . .


stats

Blog Archive

Disclaimer

All opinions expressed on this blog are those of the author. The author’s opinions do not represent those of his employers. All original material is copyrighted and property of the author. If you use it at least have the decency to give me credit for it. Don’t steal it or I reserve the right to sue you to heck and back, or worse. Other info may have been copyrighted by someone else; the author believes that such work as is quoted here does not exceed reasonable “fair use” of any such copyrighted material as provided for in section 107 of the United States Copyright Law as I understand it. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. Opinions in comments or trackbacks are not mine, so if you have a problem with those, sorry, I can’t help you. Comments on this blog become the sole property of the blog, and may be reused or quoted on the blog or in any other media. Anyone mentioned in relation to a crime is innocent until proven guilty in a court of law. Contact: writetokevinp@gmail.com. All e-mails are presumed to be for publication on the site unless I am specifically and politely told otherwise - if you’re rude I’ll publish them just to hack you off. All comments are subject to deletion or revision should the author find them offensive or just simply not like you. Trolling will not be tolerated.

  © Blogger templates ProBlogger Template by Ourblogtemplates.com 2008

Back to TOP