I'm hoping Sen. Barack Obama's campaign will pull down this page from his Web site when they realize how stupid it sounds, so I took a screen shot of it and put it here.
It gets better. In the essay that goes along with this very revealing headline, the writer says:
"Few economists have any real understanding of the tax system. Most family businesses and entrepreneurs pay taxes at individual income tax rates, that now go up to 35%. The only family businesses and entrepreneurs paying corporate income tax rates are those where tax code complexity or costs prevent a family business from converting to a "pass-through" entity where the owners, rather than the business, pay the income tax. Thus, the corporate income tax rate must remain tied to the top individual income tax rate. If that rate goes to 39.6% when the Bush tax cuts expire, the corporate rate should also be increased."
Priceless.
1 comment:
Did I read a portion of that web screen right? Tax lawyers for Obama. Imagine that tax lawyers voting for a lawyer. So if Obama gets the White House we can expect corporate taxes to go up. Therefore retail prices to go up and the populaces working incomes to go down. Sounds very fair. Corporations pay more in taxes via raising their prices for their products, government gets the piece of the pie, and the consumers are left we fewer crumbs to survive. Economists don't need to know about the tax system, so says an Obama government. He is right. But an economist does know the deletorius effects of that tax system on the nations, thus the peoples, economy. To the people the economist is the watchdog on an overzealous wasteful government. The Fair tax proposal, a tax on consumption not income, has 20 years of research behind it and is economically viable. Obama's change is a change back to high taxes. That's something we've seen before, therefore it is not change.
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