Truth is the beginning of wisdom…


Posted by straight shooter on June 26, 2008 under Political, Social Concerns

How destructive to the economy would a Barack Obama presidency be?

There could be a very rough time ahead.

Beneath Obama’s flowery rhetoric lies a dangerous economic plan that will wreak havoc on the American economy. Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending. This coming tax-and-spend nightmare is being referred to as Obamanomics.

Worse, Obama says he is absolutely committed to almost doubling the capital gains rate – something he will easily accomplish with a Democrat Congress. In the coming months – when investors realize that Obama will raise the cap gains rate – there will easily be a stampede of asset sales as investors rush to take their profits now to avoid Obama’s doubling of the tax rates next year.

Obama’s strategies will not just affect the larger economy, but your personal wealth as well. Obama is making no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15% to as much as 28%, but he plans to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which will raise the taxes on Americans by tens of billions of dollars.

He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7% in taxes on earned income. Also, the loan dividend tax rate George Bush implemented, under a President Obama will be gone.

Obama’s policies could cost more than $850 billion over four years and boost some tax rates to 60%. His Social Security plan is one giant income redistribution scheme

If you are concerned about your family’s financial well-being – and that the American economy remains strong – don’t vote him in. When Obama says trust him for change … DON’T !