I don't understand. Do the Democrats believe in Reaganomics, trickle down economics, or not? "Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans.....suggesting such an increase would further hurt the economy."
If you believe increasing taxes hurts the economy, doesn't it stand to reason that you believe that lowering taxes helps the economy? If you believe that increasing taxes on the wealthy hurts the economy, aren't you admitting that is where job creation occurs?
Obama says he wants to lower taxes on the middle class. Why then, would he be insistent on rescinding the Bush tax cuts. Currently a married couple earning $60,000 pays $9,000 in income taxes. Before the cuts that same couple was paying $16,800. How will this help the economy?
Obama wants to increase the tax on dividends from 15 percent to 39.6 percent. A huge percentage of the middle class is invested in 401Ks, IRAs, college funds, life insurance, etc. Will this help the economy? It certainly won't help you prepare for retirement.
Obama wants a 28-percent capitol gains tax on ALL home sales. We all know that, over the life of a 30-year mortgage, most of the gain seen in the value of a home (other than improvements) is actually due to inflation. That is not real added value. If the government then takes 28 percent of the increase, chances are you will receive less than what you paid in real dollars. Many older Americans look at their home as their nest egg. They plan to sell when they retire, move into something smaller and more economical, and use the gain to help maintain their lifestyle.
Economists believe that all of Obama's spending plans come to nearly a trillion dollars. He says he will get that money by raising taxes on the wealthy and corporate America. But, the devil is in the details; 85 percent of all jobs in the United States are supplied by small businesses - and most of them incorporate, are corporations. And he says he is afraid that raising taxes on the wealthy will hurt the economy.
Whether you love, hate or are indifferent to George Bush, under his administration and tax cuts the federal government tax receipts are 19 percent higher than under the Clinton administration. The problem is that, under Bush, spending has been unchecked and out of control, aided and abetted by Republicans and Democrats.