As Obama prepeares his inaugural speech, let’s talk about his lunatic tax plan…

You read the first part right, Obama is so certain that he shall buy the Presidency that not only is he preparing his transition team, he even has a draft of his inaugural address ready…

Mr. Obama’s transition team is led by a former White House chief of staff, John D. Podesta, who has been preparing for the task at the research organization he runs, the Center for American Progress, since long before it was clear who would win his party’s nomination.

Mr. Podesta has been mapping out the transition so systematically that he has already written a draft Inaugural Address for Mr. Obama, which he published this summer in a book called “The Power of Progress.” The speech calls for rebuilding a “grand alliance” with the rest of the world, bringing troops home from Iraq, recommitting to the war in Afghanistan, cutting poverty in half in 10 years and reducing greenhouse gases 80 percent by 2050.

Having said that, let’s look at what he promises to do if elected:

• “Universal,” “guaranteed” health care.

• “Free” college tuition.

• “Universal national service” (a la Havana).

• “Universal 401(k)s” (in which the government would match contributions made by “low- and moderate-income families”).

• “Free” job training (even for criminals).

• “Wage insurance” (to supplement dislocated union workers’ old income levels).

• “Free” child care and “universal” preschool.

• More subsidized public housing.

• A fatter earned income tax credit for “working poor.”

Wealth redistribution at it’s best, but what does this mean in simple terms based on his own policy proposals?

The Urban Institute and Brookings Institution’s Tax Policy Center (TPC), Barack Obama has promised $1.32 trillion. He says he’ll do this in conjunction with a “middle class tax cut” that shall affect 95% of American households.

Since there are approximately 100 million households according to the Census Bureau, the unnafected 5% would equal 5 million households. In other words, the top 5% of 100 million households will fund all new spending.

Dividing $1.32 trillion in new spending among 5 million households means each household shall have an average tax increase of $264,000. If you believe this is truly how things are going to play out, you’re probably a person who believes Obama is a guy who is as pure as the morning snow…

Reality is that if Obama is elected ends up stealing/buying the election, everyone who works can expect humongous tax increases and the 18% inflation this country experienced under Jimmy Carter would pale in comparison to what we’ll get undr Obama.

incidentally, Obama has proven how adept he is at using other people’s money, even going as far as spending $293,000 per hour on advertising in the month of October. Just wait till he gets his hands on your tax dollars.
BTW: The WSJ asks, “How’s Obama Going to Raise $4.3 Trillion”

Posted by PUMA Pundit

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