President Obama and the Democrats plan to let the Bush tax cuts expire in 2010. Obama said he wants us to pay our "fair share," and Vice President Joe Biden considers it a "moral obligation" to pay taxes.
Killing the Bush tax cuts increases taxes 5 percent. The Pelosi/Reid health care tax is at minimum 5 percent. Eliminating the earnings cap for Social Security, a stock trading tax to investors, the cap and trade hit to household budgets and a tax on high-end health insurance policies will further drain our pocketbooks. Adding state and local taxes allows government to confiscate up to 50 to 60 percent of earnings.
Obama's tax hit won't stimulate the economy. It will take from producers and reward non-producers. Heaping burdens on producers will exacerbate unemployment, stifle economic growth, increase our deficit and reduce tax revenue.
Obama says he wants to create jobs. What he and Democrats won't acknowledge is job creators will be affected by tax increases. Eighty percent of all jobs are provided by small businesses. Tax increases will stifle expansion and employment growth.
It's not wise for Democrats to play class warfare by seizing more of our income through taxes. The 2008 election is having consequences. Creating jobs and wealth isn't one of them.
FRANK MAZUR
Punta Gorda
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