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.
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?
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.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for September 17th, 2014 | John Ransom
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