Obama IS Redisributing the Wealth!!!

During the presidential campaign, President Obama was notoriously quoted as saying that he is in favor of spreading the wealth.

I think when you spread the wealth around, it’s good for everybody.

Well, in his 2010 budget, President Obama is doing just that: spreading the wealth.

Here are the numbers:

Tax increases:

The budget will impose the Clinton-era tax rates of 36 percent and 39.6 percent for couples earning more than $250,000 and individuals earning more than $200,000.. This change would generate $338 billion over 10 years.

The budget would also limit tax deductions for itemized deductions for families earning more than $250,000 and individual making more than $200,000. This would generate $179 billion over 10 years.

The plans would change capital gains tax rates to 20 percent, up from 15 percent, also for individuals above $200,000 and families above $250,000. This would generate $118 billion.

Tax cuts

The budget includes a tax credit that would provide a refund on payroll taxes of up to $400 per individual and $800 per family. This costs $536 billion over 10 years. It expands the earned income tax credit, costing $32 billion over 10 years. It expands the child tax credit, costing $70 billion over 10 years.

You do the math. Obama is taking in $635 billion from the rich and giving $638 back out to working families.

This might be a statistical anomaly, a quirk of statistics; but, knowing Obama, you can certainly believe that its intentional, can't you?

Will Obama Tax This Country into a Depression?

On top of straddling this country with billions of dollars in debt through the $800 billion economic "stimulus" package, a $410 billion additional spending bill, the $75 billion mortgage handout, talk of another bank bailout, and the potential of more money to the U.S. automakers, Obama has just proposed a $3.6 trillion budget for 2010.

How does he plan to pay for this budget, the largest U.S. budget be far?

Take more money from the people in this country most likely to spend:

Those Evil Rich People!

Let's just call them TERPs, shall we?

To pay for his unprecedented 2010 budget, Obama plans on taxing the TERPs even more. Obama would bump the tax rates for those earning more than $200,000 to 36% or 39.6%. At a time when we need more people spending money to help the economy, Obama is taking more money from the people most likely to spend it. How do you think this will help the retail sector? Home improvement businesses? Auto sales? Etc?

He is eliminating the mortgage interest deduction for TERPs. How do you think that will affect the housing market?

But, the sad news for Obama, facts that he doesn't seem to know or care about, even if Obama took all of the TERPs money, it still wouldn't be enough. If you are not a TERP, and you think he won't come after your money, you are sadly mistaken.

In addition, he is raising capital gains taxes by 25% (from 15% to 20%). At a time when the stock market is tanking, dropping on a daily basis, Obama is taking a large chunk of money out of the stock market. How do you think that will affect Wall Street and your 401K?

Business taxes are increasing. The U.S. already has the second highest business tax rate in the world. Even the slightest increase will give the U.S. the highest corporate tax rate in the world. How do you think that will affect your company's ability to expand, hire new people, give you raises, keep you employed?

What does it matter if we tax those big, nasty, rich corporations more? Consider what Choi Kyung-hwan, a member of the Korean Administration's Presidential Transition Committee and senior fellow at the Korea Rural Economic Institute had to say:

"(Koreas's proposed) corporate income tax reduction (from 20% to 15%) is not a matter of choice, but a matter of life and death for Korea in an increasingly globalized business environment.''

With Korea's corporate tax rate well below that of the U.S., one has to wonder why Obama feels so comfortable about raising the rates here further. Do you think that increasing corporate tax rates will help or hurt business?

With each word the president utters, with each appearance on television, the stock market drops. How do you think that Wall Street and your 401K will perform now?