Tuesday, June 24, 2008

Bill Bennett and Seth Leibsohn on Baracky

Top ten reasons to be "concerned" about a O!™ presidency. And not-a-one devoted to the "Obama is really a muslim" theory.

They are all pertinent, but #7 is especially important:

Barack Obama’s economic policies would hurt the economy. As Kimberly Strassel recently put it in the Wall Street Journal: “Mr. Obama is hawking a tax policy that would take the nation back to the effective marginal tax rates of the Carter days. He wants to further tax income, payroll, capital gains, dividends and death. His philosophy is pure redistribution.”

When Barack Obama speaks of taxing only the wealthy, keep in mind this could have a devastating effect on new small businesses. As Irwin Stelzer has written: “Taxes change behavior. By raising rates on upper income payers, Obama is reducing their incentive to work and take risks. The income tax increase is not all that he has in mind for them. He plans to increase their payroll taxes, the taxes they pay on dividends received and capital gains earned, and on any transfers they might have in mind to their kith and kin when they shuffle off this mortal coil. If the aggregate of these additional taxes substantially diminishes incentives to set up a small business of the sort that has created most of the new jobs in recent decades, the $1,000 tax rebate will be more than offset by the consequences of reduced growth and new business formation.”

Raising taxes doesn't do what people think it does. Come to Michigan and you can watch as the businesses fail or flee the state.