By BOB BILLETER
Obama Calls for More Taxes
For the sixth time since he was elected President Obama gave a State of the Union address last week and predictably called for higher taxes on the wealthy. He would use the new revenue to help middle-class families.
He would eliminate a tax break on inheritances. The liberals can't stand the fact that people work hard all their lives, save and invest and leave some money to their children and grandchildren. Obama believes that the government should take the money people have saved and pass it out to the rest of the country.
He also would increase the total top capital gains rate on couples with incomes above $500,000 to 28 percent. The rate has already been raised from 15 percent to 23.8 during Obama's presidency.
Obama would impose a fee on big financial firms, those with assets of more than $500 billion. Raising the capital gains rate, ending the break in inheritances and imposing a fee on financial firms would generate $320 billion in revenue over a decade, according to estimates.
How would Obama spend all this money? Families where both spouses work would get a new $500 "second earner" tax credit. About 24 million couples would benefit. The credit would apply to families with an annual income up to $219,000.
The President would expand the child care tax credit to up to $3,000 per child under age 5. He says the proposal would help more than 5 million families pay for child care.
He would consolidate six overlapping education tax breaks into two. He would extend the Earned Income Tax Credit to workers without children and to noncustodial parents.And he would boost retirement savings by automatically enrolling in an Individual Retirement Account people who don't have access to a workplace retirement plan and he awould expand access to employer retirement plans for certain part-time workers.
What chance do these proposals have of of being passed by a Republican-controlled House and Senate? None. It's all politics folks. He will make some political hay by proposing them.
We are the most taxed nation on the planet and the liberals keep demanding more taxes on "the rich." If the so-called rich were paying 90 percent of their income to the government, Obama would demand that they pay 95 percent. This is the liberals' game, to keep demanding more taxes from the rich.
Doing this, of course, hurts the economy and eventually it will destroy the people who create jobs. But in the meantime the public thinks it makes sense and the liberal politicians get elected.
It makes the liberals fighting mad to see people pass some money down to their children. This is unfair, they claim. The want to see everyone start out with the same amount of money in life. That is true democracy, they believe. When we reach the point where this is the system in the U.S., and its coming, capitalism will collapse and government will take over all our lives. In other words, we no longer will be a free society.
No matter how much they tax the liberals are never happy. They will continue to demand more taxes and more spending until the end of the world. It's their game. It's dumb but that's the way it is. The public believes that they are gaining by this even though all logic tells us that we eventually will bankrupt the country with the runaway spending.
Millions of Americans who are poor support socialism because they believe they are getting something for nothing. They just can't understand that there is no such thing as a free lunch. Poor people who have children should believe in capitalism because their children, if they take advantage of the system, will benefit from it and have better lives. But the economic trend in this country is toward socialism and a dull, boring, pointless life for all of us. It just takes a wee bit of foresight to see it.