John Ransom

Obama may go down as the first president in the history of the U.S. to run a campaign based, like Jerry Seinfeld’s comedy, on nothing.  

It’s gotten so bad that the New York Times is appealing to people to “believe in” Obama, like he’s a children’s character or a Vegas magic act, rather than president of the United States.

Talk about bitter clingers who cling to their religion.

But I know what they mean. There is isn’t any good logical reason to vote for Obama even if you are a liberal.          

Let’s take his tax policy.

He wants to raise taxes on millionaires and billionaires in an effort to do what?

Nothing really.

With the feeble “Buffett” tax effort Obama won’t pay down the deficit or launch the Great Society. Far from being revolutionary, Obama’s tax plan looks timid to progressives and stupid to conservatives.    

That’s because Obama knows, his economic team knows- and you and I all know- that the proposed Buffett tax won’t raise more money.

In fact, while proponents say that the tax could generate between $30 and $40 billion per year, it’s far more likely to decrease tax revenues as people at the million dollar tax threshold change from investments that produce income to ones that produce capital gains. While named after Warren Buffett, and sold as something that will even up the tax score between a rich man like Buffett and his secretary- who by the way is also rich- guys like Buffett- or is secretary won’t pay increased taxes.

But even if it produced taxes to the government treasury at the most optimistic levels, that’s about enough money every year to cover the interest payments on the national debt for one month.

It certainly won’t be enough to help progressives massively expand government programs like welfare.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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