Yeah, remember when you smoked a lot of those nasty old cigarettes and discovered that you'd suddenly runout? Next move; you "borrowed" one from a buddy. OP is an acronym for "Other Peoples."
In this case I borrowed the title to this blog from a Bob Seger mid-70s album .
The article below is from:
It's a few weeks old: BLDEBO. (Before Latest Disasterous Economic Bail out). It goes like this:
“The Obama spend-o-meter is now up around $800-billion and tax hikes on the rich won't pay for it.“
Just to make it clearer, Kudlow goes on: "It's the middle class that will ultimately shoulder this fiscal burden in terms of higher taxes and lower growth..."
$800-billion... that's a staggering figure!
Just to put it in perspective, the United States government collected approximately $2.6-trillion in revenues in 2007. $800-billion is 30% of that figure! $800-billion would represent the GREATEST EXPANSION OF GOVERNMENT in the history of the United States!
To put it in further perspective, $800-billion is about $6.800.00 per household or $2,700.00 for every man, woman and child in the United States!
And YOU get to pay for it! Kudlow lists just a few of Obama's goals:
- $150-billion on a green-energy plan.
- An infrastructure investment bank to the tune of $60-billion.
- An expansion of health insurance by roughly $65 billion. Steve Moore, writing for The Wall Street Journal did the math. The Weekly Standard quotes him as saying that Obama's tax proposals will add up to a “39.6% personal income tax, a 52.2% combined income and payroll tax, a 2% capital-gains tax, a 39.6% dividends tax and a 55% estate tax."
But What About Obama's Middle Class Tax Cut? Isn't He Just Going To Take From The Rich? Make no mistake, Barack Hussein Obama WILL raise your taxes! He won't just raise taxes on the "rich." He'll raise YOUR TAXES! He'll raise your children's taxes. He'll raise your grandchildren's taxes!
To paraphrase former-President Ronald Reagan, “If it moves, he WILL tax it!"
Let's take a real close at one of his middle-class tax relief proposals. According to Politico.com: "Sen. Barack Obama (D-Ill.) on Friday announced an 'Emergency Economic Plan' that would give families a stimulus check of $1,000 each, funded IN PART by what his presidential campaign calls 'windfall profits from Big Oil'.
Separately, Obama's plan includes a $50 billion stimulus package. Essentially Obama wants to fund something on the order of $100-billion - $200-billion dollars a year on the back of Big Oil. But we've been down this road before and history tells us what happens when we tax the "windfall profits" of oil companies. Tax revenues go DOWN to NOTHING and the domestic oil industry collapses! Internet blogger Michelle Malkin recently quoted a Congressional Research Service (CRS) assessment of the Carter-era windfall profits tax: "[T]he windfall profits tax was forecasted to raise more than $320-billion between 1980 and 1989. However, according to the CRS, the government collected only $80-billion in gross tax revenue ($146 billion in 2004 dollars). The net amount was actually less than this -- roughly $40-billion -- because the tax was deductible against corporate income."
"[T]he windfall profits tax was forecasted to raise more than $320-billion between 1980 and 1989. However, according to the CRS, the government collected only $80-billion in gross tax revenue ($146 billion in 2004 dollars). The net amount was actually less than this -- roughly $40-billion .
"CRS also found the windfall profits tax had the effect of decreasing domestic production by 3 percent to 6 percent, thereby increasing American dependence on foreign oil sources by 8 percent to 16 percent. A side effect was declining, not increasing, tax collections. Figure 1 clearly shows that while the tax raised considerable revenue in the initial years following its enactment, those revenues declined to almost nothing as the domestic industry collapsed."
So, who is going to pay for President Barack Hussein Obama's grand income redistribution scheme? You can be certain of this much... that $1000.00 check will come in handy -- if it ever comes -- particularly when the price of gasoline at the pump goes up even further, the taxes collected from the oil companies drops to 'nada', and Obama searches for other sources of revenue to make up the difference!
Who Is Going To Pay For All This?
According to Obama's campaign website:
“Barack Obama is the only candidate who has a real middle class relief plan. He will provide $1,000 in a refundable tax credit to working families, create a universal mortgage interest credit for homeowners who can't benefit from a mortgage tax incentive available to wealthier Americans, and create a $4,000 college tax credit for middle class families."
"Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7-million seniors and relieve millions from the burden of filing tax returns."
$1,400.00 times 7-million... That's $9.8 billion. A $1,000 tax credit and a $4,000 college tuition credit... we're talking hundreds of billion of dollars!
Who is going to pay for all of this? YOU ARE! That is, if it happens at all...
Remember what happened the last time a Democrat running for president promised a middle-class tax cut? In his very first campaign ad, which aired in January of 1992, Bill Clinton stated: "I'm Bill Clinton and I believe that you deserve more than 30-second ads and vague promises. That's why I've offered a comprehensive plan to get our economy moving again, to take care of our own people, and regain our economic leadership. It starts with a tax cut for the middle class and asks the rich to pay their fair share."
Within days of taking office, Clinton reneged on that promise. On nationwide television he said he 'tried as hard as he could' but just couldn't deliver! At least he 'felt our pain'. You could see the heartfelt agony in his face over breaking that promise! And then, it only took him about TWO MONTHS to push the largest tax increase in United States history on the American people through Congress! It was one of his top priorities! And like Bill Clinton, Barack Hussein Obama was never shy about taxes.
At the Democratic Presidential Debate at Howard University on June 28, 2007, Obama said: "And the Bush tax cuts--people didn't need them, and they weren't even asking for them, and that's why they need to be less, so that we can pay for universal health care and other initiatives."
In his response to the 2008 State of the Union Address, Obama stated: "[W]e know that at a time of war and economic hardship, the last thing we need is a permanent tax cut for Americans who don't need them and weren't even asking for them."
When questioned on the issue of taxes at the Democratic Presidential Debate in Los Angeles, California on January 30, 2008, Obama proudly boasted: "I'm not bashful about it."
A middle-class tax cut? It won't happen!
If we're lucky, Barack Hussein Obama will give with one hand and take (a greater amount) with the other! 'Obama giveth and Obama taketh away' (after all, some have called him a "messiah").
That's why we call it, 'income redistribution!' Giving Your Money To The World... But Obama's income redistribution schemes don't stop at the shores of the United States! Let us not forget Barack Hussein Obama's Global Poverty Act -- a bill that lays the groundwork for -- according to some estimates -- what could amount to a $845-billion United Nations tax on the people of the United States!
And just how much is $845-billion? Vincent Gioia, writing in Right Side News, translates this incomprehensible figure into language every American understands: "This amounts to a tax of over $2,000 on each man, woman and child in the United States. The foreign aid budget now stands at $300 billion; the Act would add the additional expenditure to the already huge amount allocated to assist the world."
But wait a minute, folks! The Global Poverty Act is part of a much larger United Nations scheme. The United Nations' Millennium Development Goal -- proclaimed in 2000 -- contains plans for the additional plundering of your bank account. Among their stated goals are: · a "currency transfer tax," -- that is, a tax imposed on companies and individuals who, in the course of traveling or doing international business, must exchange dollars for foreign currency;
- a "tax on the rental value of land and natural resources;"
- and "fees for the commercial use of the oceans, fees for airplane use of the skies,
- fees for the use of the electromagnetic spectrum...
- and a tax on the carbon content of fuels."
NOW is the time to take the fight to Senator Barack Hussein Obama and Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid.
NOW is the time to make it clear to the American people that Obama, Pelosi and Reid stand for higher taxes and more failed socialist programs that will squeeze the wealth from middle-class Americans and that we stand for lower taxes and personal prosperity.
Demand that they push the issue NOW!
Demand that they dare Barack Hussein Obama and Nancy Pelosi and Harry Reid to oppose them and, in the process, force Obama, Pelosi and Reid to show their true tax-and-spend colors to the American people!
In about 30 days we will elect the next President of the United States. That's not a lot of time and there is not a moment to lose!