Chew On This

We’ve been hearing quite a bit from the McCain campaign about how Sen. Obama is going to raise our taxes.  The issue is how you define “our.”  I’m unemployed and have relatively little investment income so I’m not going to give Uncle Sam one nickel next year.  But that is a relatively new development in my life.  And Obama’s current tax plan is to raise capital gains and dividends taxes on those earning more than $250K per year, representing some of the wealthiest individuals in the country.  [Please notice that Obama isn’t even talking about raising income taxes on families who actually earn more than $250K year in earned income.]

Last week, Forbes published an article stating the net worth of the 400 wealthiest individuals in the country rose by only 2% from the previous year.  Doesn’t seem like much, does it?  Until you realize that 2% of billions and billions equates to a total of $30 billion.

I’m 100% for people using their smarts and ingenuity to make the world a better place, and, if by doing so they make a ton of money, good for them. 

Remember John McCain crowing about how he is going to make Bush’s tax cuts permanent and what a wonderful thing that is for all of us?  For those same 400 top wealthiest individuals, Bush’s tax cuts have meant that one third of those billionaires paid less than 15% of their income in taxes and the average tax rate for all 400 was 18%.  In 2005 that meant a tax reduction of $25 million per filer for a total of $10 billion for the entire group.

Have you noticed a trickle down from this?  Are you making more money in 2008, adjusted for inflation, than you were in 2005?  Have you seen job growth in industries that pay living wages?  (I read in Deer Hunting with Jesus that one-third of all American workers earn less than $9/hr.)  What good exactly has come from this tax reduction that warrants John McCain telling us he thinks these tax cuts should be permanent in light of the now $900 billion the taxpayers are going to shell out to Wall Street so the world won’t come to an end?

I’m currently reading Robert Franks’ book, Richistan.  I’d like to discuss this more in a couple of days after I’ve finished the book.

In the meantime, please talk to your friends, neighbors, and relatives and tell them Obama is not going to raise their taxes, unless they are truly wealthy.  And that goes for taxes on electricity, savings, and all the other garbage John McCain has thrown into his recent ads.

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