Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

No Tax Hike Left Behind


Minyanville's last-minute election coverage.


Senator Barack Obama is a either a naïf or a ninny.

Based on his tax proposals, the key to any economic program, the nincompoop out-points the naïf.

Here's why: Obama proposes to raise taxes in a recession, making himself Herbert Hoover II.

Obama's economic program won't promote growth. Campaign twaddle about "fairness" and "spreading the wealth" are instead intended to buy votes with taxpayer dollars by creating new constituencies or subsidizing old ones. That's the real point of federally funded pre-school, universal but "voluntary" healthcare, and a "refundable tax credit" for "needy" college students.

Senator John McCain is forthright when he says he doesn't know much about the economy. But he has a record as a free-trader and has consistently opposed subsidies and trade barriers.

During the primaries, Obama talked about renegotiating NAFTA. Privately, his campaign assured Canada, our largest trading partner, that he didn't mean it. Hallelujah: It was just Bubba bait, not "change you can believe in."

Obama promises tax cuts for 95% of all Americans. But how does that work when the bottom 30% or so of wage earners don't pay federal income taxes? No income taxes to refund? No problem because a tax credit (targeted, of course) will do. File this under "redistribute the wealth."

Obama would slap a 6.2% payroll tax on incomes above $250,000, a killer for the nation's 26 million small business owners, who generally pay individual taxes.

VP candidate Joe Biden uttered an inconvenient truth when he said the tax-cut threshold would be lowered to $150,000. Still, Obama's current tax plans won't cover his proposed spending increases. That means he'll raise taxes on the middle class.
< Previous
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos