Underlying the soaring rhetoric of Hopey Ochangester, is a profoundly pessimistic view that America’s only “hope” is for a government-driven economy where opportunity is regulated and growth is stagnated.
Despite Barack Obama’s claims that he’s merely returning tax rates to their Clinton era levels, his plan to penalize capital and punish success goes far deeper than anything President Clinton ever imagined.
According to Stephen Moore at The Wall Street Journal, Obama’s tax plan will add up to a 39.6% personal income tax (increased from 35%), a 52.2% combined income and payroll tax (increased from 37.4%), a 28% capital-gains tax (increased from 15%), a 39.6% dividends tax (increased from 15%) and a 55% estate tax (increased from 0%).
Back in February 2008, Larry Kudlow saw the same dangers that only began to resonate with Obama’s unscripted and fleeting moment of honesty with Joe the Plumber:
Take from the rich and give to the non-rich. Redistribute income and wealth. It’s an age-old recipe for economic disaster. It completely ignores incentives for entrepreneurs, small family-owned businesses and investors.
Like most liberal thinking, good intentions based on what emotionally “feels good” inevitably results in bad public policy with far-reaching destructive implications – not just for the “rich”, but for anyone who dreams of being rewarded for putting their sweat equity to work, taking risks, daring to innovate, and climbing the ladder of success.
Barack Obama promises to drive a stake through the heart of incentive and build a new America based on cynical, hopeless dependence.