Tuesday, October 14, 2008

Obama does not understand how wealth is created!

Monday's strong market is hopefully the end of this ten day mess.

Why? Because the country needs to get back to a McCain-Obama election.

We must get back to a debate about Obama's future vision not just the people that he hung around with.

Yes, Ayers, Wright and Rezko show poor judgement. However, Obama's big government vision is deadly for creating jobs and wealth.

Obama's new tax plan raises more questions. For example, Rush Limbaugh asked a simple but important question today:

"We don't know if he's talking income.

We don't know if he's talking gross. We don't and he doesn't, either. None of this is true!

The $250,000 figure and his statement that 95% of small businesses earn less than that -- gross, net, inventory, whatever -- it's just the magic figure to play the class envy card."

That's right.

Patterico has a more detailed explanation:

"It’s difficult for me to imagine a business that has 50 or more employees (let alone 500-1,000) that has receipts of less than $250,000 per year.

And, given the SBA definitions of “small business,” it seems likely that many small businesses in a wide range of industries have receipts of more than $250,000 per year.

If so, it is appalling that Obama would imply that, if he is President, a small percentage of businesses exceed the $250,000 per year cut-off for increased taxation under his tax plan.

In fact, the number of businesses subject to additional tax may be large and could well be the 50% number I think John McCain mentioned.

Small businesses are vital to the American economy and Americans’ livelihoods, and it sounds like Obama wants to tax as many as he possibly can."

Small businesses are not just vital. They are the US economy. We hear a lot about GM and others. However, most jobs today come from those small businesses popping up all over.

Obama does not understand wealth. Unfortunately, he has been hanging around with people who are into redistribution rather wealth creation.




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