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Subject:  Could your retirement survive this? Date:  5/8/2008  12:14 PM
Author:  fleg9bo Number:  13004 of 22172

http://www.realclearmarkets.com/articles/2008/02/obama_stirs_ill_wind_on_wall_s.html

The Obama spend-o-meter is now up around $800 billion. And tax hikes on the rich won't pay for it. It's the middle class that will ultimately shoulder this fiscal burden in terms of higher taxes and lower growth. This isn't free enterprise. It's old-fashioned-liberal tax, and spend, and regulate. It's plain ol' big government. The only people who will benefit are the central planners in Washington.

The Wall Street Journal's Steve Moore has done the math on Obama's tax plan. He says it will add up to a 39.6% personal income tax, a 52.2% combined income and payroll tax, a 28% capital-gains tax, a 39.6% dividends tax and a 55% estate tax.

Not only is Obama the big-spending candidate, he's also the very-high-tax candidate. And what he wants to tax is capital.

Doesn't Obama understand the vital role of capital formation in creating businesses and jobs? Doesn't he understand that without capital, businesses can't expand their operations and hire more workers?
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Let us hope that there are enough Democrats in congress who are not Soviet-style central planners to temper some of Obama's loonier notions. Otherwise start insisting that your kids' and grandkids' schools start preparing them for life after graduation by teaching them how to fill out applications for welfare and unemployment benefits.

--fleg
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