Remember Chicken Little….”The sky is falling, the sky is falling!” This apparently is what Senator Mc Cain would have us believe.
Why would you want to tax anybody? This was the refrain from John McCain that was spoken during Wednesday night’s debate. To bolster his claim Senator McCain produced as evidence a man from Toledo Ohio, who confronted Barack Obama on the weekend. This man Joe Wurzelbacher of Holland, Ohio asked Senator Obama if he was going to tax him out of the American dream, in this case owning a plumbing business. John McCain now claims that Sen. Obama wants to take so much money away from people like Mr. Wurzelbacher as to make it impossible for them to become entrepreneurs. The only problem Mr. Wurzelbacher does not make enough money to buy the company, or pay higher taxes. Under Sen. Obama’s plan, Mr. Wurzelbacher would benefit economically.
Sen. McCain is fond of stating, “I want Joe the Plummer to spread the wealth around, not Barack Obama”. Conservatives have decided that a phrase that Sen. Barack Obama made about spreading the wealth around indicates the Democrat’s desire for socialism. This is truly bizarre. First of all the concern on the right about socialism is based on returning to a tax structure that existed before George W. Bush became president. The upper tier of taxpayers paid 39% in 2000. Since Pres. Bush succeeded in passing several massive tax cuts the top rate has been 36%. This change in tax rate and reductions in capital gains tax has resulted in the top one percent of all earners getting an average of $1,000 each week. That is $52, 000 each year, while the majority of Americans realized very little. The vast majority of Americans do not even earn $52, 000 in a year.
Remember how at the time pundits said giving more money to those who are affluent made sense, jobs and money would trickle down to the rest of Americans? One could find such quotes, as “a poor man never gave me a job.” Well the results are in six years after the first tax cut, unemployment is rising, so much for that theory. Now, a call to return to the former tax rate has led to accusations of socialism. Stranger than that are the number of people not affected by the tax increase. These would argue that if they did earn more money they would not wish to have to pay higher taxes.
Case in point Mr. Wurzelbacher: who asked Sen. Obama about the American dream “If I buy a company that makes $280,000 you would make me pay higher taxes.” If Mr. Wuzelbacher were fortunate enough to earn that much money the tax increase would amount to $900 certainly not an American dream breaking number. His after tax income would easily be able to cover the difference.
Where’s the logic in this? Or was Chicken Little right when he yelled “The Sky is Falling!”