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Obama TO Raise Taxes On All Who Earn More Than $250,000

October 11, 2008

Obama has assured the Nation that he will not raise taxes on anyone making less than $250,00 per year.  It sounds good for most people, but only because most Americans fail to understand the consequences of what Obama has said.  When he says he won’t raise taxes on anyone who makes less then $250,000, he also says that he will raise taxes on anyone making over that amount, including small businesses that are taxed on their gross income.  That all sounds well to those who are uninformed about how business works.  Here is a fact that the “tax the rich” crowd don’t seem to realize; businesses don’t pay taxes, their customers pay the businesses taxes.  When the taxes on the rich and their businesses goes up, they raise their prices to compensate.  The end result is that we all pay more for the products we buy.  Another great result of increased taxation on the “rich” will be job loss.  Companies will attempt to save money by cutting jobs, this has always been their practice and will always remain their practice. 

Obama says we can’t raise taxes on the middle-class in these troubled economic times.  But what he doesn’t mention is that a tax increase on the rich is a tax increase on us all.  Americans will result in turning America’s troubled economy into a devastated economy.  While the Government reared its ugly head and caused the current crisis, then made it worse by stepping in and attempting to “save” the economy, Obama’s plan will take us from a position that we can recover from if the Government stays out, and leave us in something far worse than the Great Depression ever thought of being.  Under Obama’s economic plan, we can look forward to the kinds of economic devastation seen in sub-saharan Africa.

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