Wednesday, October 22, 2008
Donald Lambro :: Townhall.com Columnist
Obama and the Kingfish
by Donald Lambro
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WASHINGTON -- Barack Obama, who became rich with his best-selling books, seems to have a problem with wealth creation. It isn't in his lexicon, it isn't on his agenda, and it isn't in his campaign message.

He never talks about creating wealth, which should be at the heart of all economic-growth incentives. Indeed, he wants to punish it by raising taxes on higher-income Americans to 40 percent and send that money to lower- and middle-income people in the form of a refundable tax credit that will include sending checks in 2009 to 49 million tax filers who pay no income taxes.

He doesn't talk about risk-capital formation, the lifeblood of a dynamic and growing economy, because he says he'll tax that, too, with a higher capital-gains and dividend tax on investors and savers and many retirees.

He even ridiculed Joe Wurzelbacher after the Ohio plumber asked the freshman senator whether he'd be hit by higher tax rates under his economic plan. Joe could teach Obama a few things about the importance of wealth creation and encouraging investment capital, something he must have missed in Economics 101 at Harvard.

John McCain has been championing Joe Wurzelbacher's story on the campaign trail this week to illustrate the negative impact that Obama's income-tax hikes will have on Joe's dream to buy the small plumbing business that employs him. Millions of other Americans have the same dream, too, but that would put them into the income bracket Obama will tax the most.

When the burly, blue-collar worker asked Obama at a campaign rally last week whether his "new tax plan is going to tax me more" if he bought the business that would bring him about $250,000 or more in income, he was told it would. But Obama -- who calls American free-enterprise capitalism "trickle-down economics" -- said he has to tax Joe more and millions like him in order to "spread the wealth around."

It's clear what he meant by that. He calls it a tax cut to help the economy grow, but what he is pursuing is the left's long-sought goal of redistributing the nation's wealth by taking more money from the top 5 percent of all earners (who pay 57.13 percent of all income taxes) and distributing it to those who are taxed at a lower rate or are not taxed at all.

Obama wraps ideas like this in the mantle of "change," but it's hardly a new idea. That's what Democrat Huey Long, the demagogic Louisiana senator, preached in the 1930s, with his radical "share the wealth" campaign and his relentless class-warfare attacks on the rich.

Obama's economics have a lot in common with Huey Long, as we saw last week as he ridiculed McCain and Joe the Plumber's desire to create wealth by running his own business.

"How many plumbers do you know who make $250,000?" Obama sarcastically asked a crowd the day after his third debate when McCain made Joe the symbol of the harm Obama's tax increases would inflict on America's budding entrepreneurs.

Actually, lots of plumbers make that much and more in small-business enterprises that install new plumbing in renovated kitchens and bathrooms. The fact that Obama is ignorant that many plumbers earn that much shows how truly "out of touch" (the charge he hurls at McCain) he is with common, everyday life among working Americans.

The National Federation of Independent Business, the small-business lobby, says that there are 16 million small businesses and 75 percent of them filed as individual taxpayers, just as you and I do. And millions of them will be slapped by Obama's higher income-tax rates that will jump to 36 percent from 33 percent, and to 39.6 percent from 35 percent.

These are the businesses that create the lion's share of the new jobs and the firms that will grow into the giant enterprises of tomorrow. How do we create jobs, wealth and growth by taxing them -- during a recession no less?

If you are starting to get the idea that maybe Barack Obama doesn't know any more about economics than Huey Long did, consider this.

When asked last week about McCain's proposal to temporarily slash the capital-gains tax rate in half to unlock much-needed capital investment, Obama ridiculed that, too.

"I don't know anybody, even the smartest investors, who right now are going to be experiencing a lot of capital gains," he told reporters.

But billionaire Warren Buffet, one of Obama's economic advisers, just purchased $3 billion in General Electric stock, knowing that, when the stock markets recover, his investment will yield a hefty capital gain.

Millions of investors would like to do that, too. But Obama thinks their money should go to the government and spread around to "share the wealth" and that will create jobs.

But redistributing the nation's income won't grow the economy. It just divides the pie up into smaller slices. It hasn't worked in Europe, where they have draconian tax rates on wealth and it didn't work in Louisiana, either, still one of the poorest states in the country.

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About The Author

Donald Lambro is chief political correspondent for The Washington Times.

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Subject: FYI
Louisiana may be one of the poorest states in the union, but you failed to mention all of the things that Huey Long accomplished while governor.

Further, Louisiana has a budget surplus, which neither California nor Massachusetts have.

TO COMPARE BARACK OBAMA TO HUEY LONG IS AN INSULT TO HUEY LONG.

Thanks for defending Huey
as comparing the Great O to almost any historical politician is an aspersion, because we would never remember them if they hadn't produced accomplishments and enduring legacies--none of which the Great O has achieved except in the minds of minions of O Land.

Vote McCain/Palin and let O Land be put to rest.

Subject: ............
Obama, like all economic illiterate leftist, thinks he can tax his way to prosperity. Hasn't worked out well for Europe but hey, it feels good to play Robin Hood.

Wealth can be translated into power and the more power the average American has the greater threat they are to the elite establishment whose promises of welfare goodies become moot. Therefore limit Americans ability to achieve wealth so the govt maintains its power to be the provider.

tone and tenor
Some have suggested that 'all [esp. progressive] taxation is wealth redistribution'. What they overlook is the fact that Senator Obama deeply relishes the idea of wealth redistribution for its own sake.

We must always elect governors who tax reluctantly, not enthusiastically. Senator Obama did indeed sneer at the idea of a plumber making a good income: and yet it is not implausible, in the case of a master plumber with numerous employees--a business model which can answer customer needs rapidly, and is therefore laudable. (Try getting one plumber to answer your call-- he may have several other emergencies to deal with.)

Taxation must be a reluctant act, not something looked upon with joyful abandon.

Subject: You All are just Mean and Greedy
Obama will fix what is wrong with our sick society. The wealth of the nation belongs to the nation, not any one individual. Obama is right to have the desire to make everyone equal.

PROPERTY IS THEFT!

CHE LIVES!

This message was approved by Lenin and Mao and every other murdering commie that all through history have shoveled the same crap that Obama is shoveling now. If we buy it we deserve exactly the same thing that happened to all the others that have bought it. MISERY!

OKAY "TruLib" ...
.
...I'll take you at your word.

GIVE ME YOUR LAPTOP.

After all, "when you spread the wealth, it's good for everybody."

YOU M*RON.

Subject: We are the greatest nation
on earth because of the system of gov't devised by the framers works for all the people. When obama calls for "change", he means changing that system to a socialist system, one that has been tried and proven to be a failure everywhere.

The power to tax is the power to destroy, obama and his leftist friends would willingly destroy this country in order to bring about their view of a one world gov't with the UN in charge. That's the Soros view and many other leftists like Ayres, wright and obama's other America hating friends.

We must have really dumbed down the elctorate in this country for anyone to not see what a danger this clown represents.
Given a veto proof congress with pelosi and reid, he will take over like hitler did in germany, stack the SC with his leftist associates and what he will do will never be undone, has anyone ever seen a social program abolished, no matter how bad it is?

These programs continue because they make taxpayer funded jobs, that in turn grows gov't and provides votes for democrats, it's a vicious circle funded by our money. We are cutting our own throats every time we vote for a dem.

This election is the tipping point, if this lying socialist fool gets elected, America will cease to exist as we know it and will become just a footnote in the history books.






Listen Hoss,
The majority of the folks in the USA make less than 250,000, and Obama offers us a tax break. You know, us regular Joes. McCain offers the rich and Wall Street Giant Corps tax breaks. This is a no brainer. Obama!

Subject: Shocking video of Congress cover up!
Shocking video of Congressmen in their Own Words Covering Up the Fannie Mae, Freddie Mac Scam That Caused Our Economic Crisis See Clinton placing the blame! Click on the link.
http://www.teleprompterpresident.com/2008/09/shocking-video ..html
or google the phrase "Teleprompter Covering Up The Fannie Mae".

This wonderful video clearly explains how it all happened at:
http://www.teleprompterpresident.com/2008/10/fnc-fbn-inves- 6.html
or google the phrase "Teleprompter Covering Up The Fannie Mae".

Every American should know who caused our financial collapse which resulted in our 401ks and our home values to sink in value. We have been betrayed, not by the obvious greed of the banks, but by our congressmen who caused this to happen.

I have emailed these videos to everyone in my email address list. Spread this messge!

Pandering to the ignorant masses....
The idiots who buy into Obama's Marxist agenda think that somehow taking a few (more) bucks from the upper class and corporations will somehow enrich their lives. What's, say $1,000 going to do to enrich the lives of anyone? If anything, what will result is the same lower economic class welfare recipients will lose the low paying job they have. The wealthy will pass on their additional tax in the form of layoffs and price increases.

Yes, the top 5% of taxpayers pay more than half of all income taxes, but they only represent 5% of the vote. Obama has convinced the ignorant masses that they will fare better with him in the White House and they are too ignorant to know that the President of the United States can't do anything to raise taxes, give them health care, or live up to just about every other promise that Obama's made.

Welfare is no substitute for education and hard work and it never will be.

Subject: Al
and all the other folks delighted with Obama. Apparently you are making the mistake of actually believing what a career politicianis saying in hopes of getting elected. Looks like Obama is getting in. If he tries to do what he says he is planning to do, the economy will go stagnant. Unemployment will rise, govt debt will rise, tax collections go down even as rates go up. I'll make out OK. The unskilled, the destitute, the uneducated will be hit hardest. It is possible to vote oneself into extinction trying to vote oneself rich. If Obama makes it, within 18 months, no one will admit voting for him, except Ralph Ellison. We have a deal. Whichever of us is wrong posts a retraction.

AL
When you raise taxes on ANY segment of society you create more poor people.

Read up on your history of Communist Countries.

The rich invest their wealth and that creates jobs.
If government consfiscates their money, they pay people less & lay off others.

Of the money taken in by government, only 68 cents out of each dollar reaches anyone on the outside.

Subject: Folks, FOLKS!
.
...let's not be TOO HARSH on "Al"...

...after all...he DOES quite openly and honestly
admit that

VOTING FOR OBAMA IS A NO BRAINER.

I AGREE WHOLEHEARTEDLY:

HAVE NO BRAINS = vote for Obama.

HAVE BRAINS...

*** McCAIN / PALIN '08 !!! ***