WASHINGTON (AP) - Democrat Barack Obama says he would delay rescinding resident Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.
So high taxes are bad for the economy. Got it.
Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their
expiration date, as Republican John McCain advocates.
HUH? Not extending the tax cuts when they expire is the same as rescinding the tax cuts. How can he do one and not the other? Does he have any idea what the hell he's talking about? Does any liberal Democrat have a clue about anything these days?
Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday. "Even if we're still in a recession, I'm going to go through with my tax cuts," Obama said. "That's my priority."
What about increasing taxes on the wealthy?
"I think we've got to take a look and see where the economy is. I mean, the economy is weak right now," Obama said on "This Week" on ABC. "The news with Freddie Mac (FRE) and Fannie Mae (FNM), I think, along with the unemployment numbers, indicates that we're fragile."
Oh-KAY then. So raising taxes on the rich using one method in a recession is bad. But raising taxes on the rich using another method is. Got it.
Keeping the taxes of the rich - who actually pay taxes - is bad. But lowering taxes of the middle class - who pay no taxes - is good. The great myth of middle class tax cuts still lives on. It is a myth because the middle class does not pay federal income tax. Middle income is around $40K a year. Use any online tax calculator and see what the tax burden is for a 2 income family with a couple of kids making $40K a year. The answer....a negative tax rate. These scum are already on welfare to start with. And Barry wants to give them even more welfare. At $50K a year the 2 income earner family pays $2,500 in taxes. A whopping 5% of their income. Compare that with the same 2 earner family making $200,000 who pays about $40,000 or 20% of their income. And yet liberals, with a straight face, claim that the so called "rich" don't pay a fair share.
Michael Savage wrote a book called Liberalism is a Mental Disorder. A better description has yet to come along. Only a mentally diseased person could think paying 16 times the amount of tax and receiving LESS in return is somehow not paying one's fair share.
A middle class tax cut cannot exist. Plain and simple. A tax cut for the middle class is really an increase in welfare payments. If you pay $0 in taxes and Barry Hussein Obama cuts your tax bill, that's called welfare. Now if Barry wants to increase welfare, fine. But come on Barry, be honest about it. Don't play games with the wording. You want a nation of welfare recipients dependent on the government for its existence. You want socialism, plain and simple. Why hide your true feelings?
And what's this "we're fragile" business? I was under the impression that the economy was mired in the depth of Great Depression Part Deux. At least that's the impression I got from watching the Socialist National Convention from Denver. Now all of a sudden, we're just fragile? Damn talk about a quick turnaround during the past two weeks.
People, think of the tragedy that will become not only this country but the world, were this man to win this election. He is utterly clueless about even elementary economic theory. And even worse, he thinks he knows what the hell he's talking about.