Obama's Economic Agenda Is At Odds With The Interests Of Taxpayers, Small Businesses, And U.S. Productivity
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Today, Sen. Barack Obama (D-IL) Is Holding A Town Hall Meeting On His Economic Agenda:
Obama Is Holding A Town Hall Meeting In Austin, Texas To "Discuss His Economic Program." "Barack Obama will hold an Austin town hall meeting this Thursday to discuss his economic program, the campaign just announced." (Chuck Lindell, "Obama Adds Austin Town Hall Meeting," The Austin American-Statesman's "Texas Government And Politics" Blog, www.statesman.com, 2/26/08)
OBAMA'S LAUNDRY LIST OF TAX HIKES WOULD HURT THE ECONOMY
Obama Is A High-Tax Candidate Whose Slew Of Tax Increases Would Hurt The Economy:
Obama Has Called For Higher Income Taxes, Higher Social Security Taxes, Higher Investment Taxes, And Higher Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system." (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, www.usnews.com, 2/12/08)
Obama Has Also Called For Tax Hikes On "Dirty Energy" Such As Coal And Natural Gas. Obama: "What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas." ("Q&A With Sen. Barack Obama," San Antonio Express-News, 2/19/08)
Alan Reynolds, Senior Fellow At The Cato Institute: "In Short, Obama Is A 'Tax-And-Spend' Liberal..." (Alan Reynolds, Op-Ed, "Tax Delusions," New York Post, 2/15/08)
The Wall Street Journal's Stephen Moore: "[Obama] doesn't believe that raising tax rates is going to hurt the economy and if he becomes President ... tax rates will go up almost across the board." (The Wall Street Journal Website, www.wsj.com, Accessed 2/13/08)
CNBC's Larry Kudlow: "[Obama] has a very punitive high-tax campaign plan for the economy." (Larry Kudlow, "Obama, The Very-High-Tax Candidate," National Review's "The Corner" Blog, nationalreview.com, 2/11/08)
Kudlow: "Whether Wall Street has fully discounted this, I have no idea. Probably not yet. But somebody in the investor class ought to be thinking about it, because it's not good." (Larry Kudlow, "Obama, The Very-High-Tax Candidate," National Review's "The Corner" Blog, nationalreview.com, 2/11/08)
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Today, Sen. Barack Obama (D-IL) Is Holding A Town Hall Meeting On His Economic Agenda:
Obama Is Holding A Town Hall Meeting In Austin, Texas To "Discuss His Economic Program." "Barack Obama will hold an Austin town hall meeting this Thursday to discuss his economic program, the campaign just announced." (Chuck Lindell, "Obama Adds Austin Town Hall Meeting," The Austin American-Statesman's "Texas Government And Politics" Blog, www.statesman.com, 2/26/08)
OBAMA'S LAUNDRY LIST OF TAX HIKES WOULD HURT THE ECONOMY
Obama Is A High-Tax Candidate Whose Slew Of Tax Increases Would Hurt The Economy:
Obama Has Called For Higher Income Taxes, Higher Social Security Taxes, Higher Investment Taxes, And Higher Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system." (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, www.usnews.com, 2/12/08)
Obama Has Also Called For Tax Hikes On "Dirty Energy" Such As Coal And Natural Gas. Obama: "What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas." ("Q&A With Sen. Barack Obama," San Antonio Express-News, 2/19/08)
Alan Reynolds, Senior Fellow At The Cato Institute: "In Short, Obama Is A 'Tax-And-Spend' Liberal..." (Alan Reynolds, Op-Ed, "Tax Delusions," New York Post, 2/15/08)
The Wall Street Journal's Stephen Moore: "[Obama] doesn't believe that raising tax rates is going to hurt the economy and if he becomes President ... tax rates will go up almost across the board." (The Wall Street Journal Website, www.wsj.com, Accessed 2/13/08)
CNBC's Larry Kudlow: "[Obama] has a very punitive high-tax campaign plan for the economy." (Larry Kudlow, "Obama, The Very-High-Tax Candidate," National Review's "The Corner" Blog, nationalreview.com, 2/11/08)
Kudlow: "Whether Wall Street has fully discounted this, I have no idea. Probably not yet. But somebody in the investor class ought to be thinking about it, because it's not good." (Larry Kudlow, "Obama, The Very-High-Tax Candidate," National Review's "The Corner" Blog, nationalreview.com, 2/11/08)
Ben Stein On Barack Obama's Economic Plan: "Mr. Obama could become president and derail everything because his understanding of economics is 100 percent wrong. ... I must say I'm so scared about Mr. Obama becoming president. I can hardly tell you." (CNBC's "Kudlow & Company," 2/14/08)
Obama's Tax Reform Proposal Was Widely Criticized And Labeled "A Recipe For Economic Disaster":
The Las Vegas Review-Journal Calls Obama's Tax Plan "A Recipe For Economic Disaster." (Editorial, "More Class Warfare," Las Vegas Review-Journal, 9/20/07)
The Washington Post: "[T]he Illinois Senator's Proposals Are Poorly Crafted, Lavishing Tax Goodies Where They're Not Needed." (Editorial, "Mr. Obama's Cookie Jar," The Washington Post, 9/25/07)
U.S. News & World Report's James Pethokoukis: "[T]he Obama Plan Could Also Be Called A 'Ways In Which Government Can Collect More Taxes To Pay For New Spending' Plan..." (James Pethokoukis, "Obama Pushes For Higher Investment Taxes," U.S. News & World Report's "Capital Commerce" Blog, www.usnews.com, 9/19/07)
OBAMA'S BUSINESS TAX PLAN IMPOSES A SIGNIFICANT TAX BURDEN
Obama's Business Tax Proposal Imposes Significant Tax Increases That Would Make "U.S. Companies Less Profitable And Less Competitive World-Wide":
Obama's Tax Proposal For Businesses Favors Employers That Fulfill "The Fondest Big Labor Agenda." "Mr. Obama's proposal would designate certain companies as 'patriot employers' and favor them over other, presumably not so patriotic, businesses. ... In other words, a patriotic employer is one which fulfills the fondest Big Labor agenda, regardless of the competitive implications. The proposal ignores the marketplace reality that businesses hire a work force they can afford to pay and still make money. Coercing companies into raising wages and benefits above market rates may only lead to fewer workers getting hired in the first place." (Editorial, "Obama's 'Patriot' Act," The Wall Street Journal, 2/27/08)
Obama's Proposal Penalizes Most American Companies That Have Subsidiaries Abroad With "A Big Tax Increase." "Under Mr. Obama's plan, 'patriot employers' qualify for a 1% tax credit on their profits. To finance this tax break, American companies with subsidiaries abroad would have to pay the U.S. corporate tax on profits earned abroad, rather than the corporate tax of the host country where they are earned. Since the U.S. corporate tax rate is 35%, while most of the world has a lower rate, this amounts to a big tax increase on earnings owned abroad. Put another way, U.S. companies would suddenly have to pay a higher tax rate than their Chinese, Japanese and Eur opean competitors." (Editorial, "Obama's 'Patriot' Act," The Wall Street Journal, 2/27/08)
"According To Research By Peter Merrill, An International Tax Expert At PriceWaterhouseCoopers, This Change Would 'Raise The Cost Of Capital Of U.S. Multinationals And Cause Them To Lose Market Share To Foreign Rivals.'" (Editorial, "Obama's 'Patriot' Act," The Wall Street Journal, 2/27/08)
"Apparently Mr. Obama Believes That By Making U.S. Companies Less Profitable And Less Competitive World-Wide, They Will Somehow Be Able To Create More Jobs In America." (Editorial, "Obama's 'Patriot' Act," The Wall Street Journal, 2/27/08)
OBAMA'S PROPOSALS WOULD HURT SMALL BUSINESS
Obama's Plans For Health Care And Social Security Would Burden Small Businesses:
Obama's Health Care Proposal Includes "A New Tax On Small Businesses That Don't Provide Health Care To Their Employees." "[Obama] is calling for the tax cuts pushed by President Bush to expire in 2010 for upper-income earners -- an effective tax hike for more than 1 million taxpayers -- and is proposing a new tax on small businesses that don't provide health care to their employees." (Rick Klein, "No Lip Service: Dems Trade Higher Taxes For Social Programs," ABCNews.com, 5/29/07)
Obama's Plan To Raise Payroll Taxes To Fund Social Security Would Hurt Small Business Owners Who Create Two Of Every Three New Jobs. "Lost in Obama's calculations is that many of the people who would be affected by eliminating the earnings cap are small-business owners who employ more than half the nonfarm private-sector work force and create two of every three new jobs in this country." (Editorial, "Caps Off For Obama," Investor's Business Daily, 9/25/07)
Three Million Small Business Owners Would Have Their Taxes Raised. "Taxes would also be raised on 3 million small-business owners. By fiscal 2015, the number of job opportunities lost would exceed 865,000 and personal savings would decline by more than $55 billion." (Editorial, "Caps Off For Obama," Investor's Business Daily, 9/25/07)
FLASHBACK: In The Illinois State Senate, Obama Was Criticized For Not Being On The Side Of Small Business. Kim Clarke Maisch, Director of the Illinois Chapter of the National Federation of Independent Business: "When it's a labor versus business issue, he's not going to be on the side of the small business." (Ryan Keith, "Legislative Record Puts Obama At Heart Of Philosophical Debate," The Associated Press, 9/9/04)
OBAMA IS AT ODDS WITH MANUFACTURING INTERESTS
Obama Joined The Senate Manufacturing Caucus, But Rarely Votes With Manufacturing Interests:
Obama Joined The Manufacturing Caucus In The Senate. "Senators ... announced formation of a Senate Manufacturing Caucus to advance and study the issues and interests of manufacturers. ... [F]ounding members of the Caucus were the following Senators: ... Barack Obama (D-IL)..." (National Association Of Manufacturers, "Senate Announces Manufacturing Caucus," "ShopFloor" Blog, www.blog.nam.org, 6/15/05)
As Of February 27, 2008, In The 110th Congress, Obama Has Received A Zero Percent Rating From The National Association Of Manufacturers. (National Association Of Manufacturers Website, www.bipac.net, Accessed 2/27/08)
In The 109th Congress, Obama Received A 16 Percent Rating From The National Association Of Manufacturers. (National Association Of Manufacturers Website, www.bipac.net, Accessed 1/10/08)
OBAMA'S POOR TAX, SPENDING AND BUSINESS INTEREST GROUP RATINGS
Obama Gets Poor Marks From Tax, Spending And Business Interest Groups:
Americans For Tax Reform Gave Obama A Lifetime Rating Of 7.5 Out Of 100. (Americans For Tax Reform Website, www.atr.org, Accessed 1/29/08)
Citizens Against Government Waste Gave Obama A Lifetime Rating Of 22 Out Of 100. (Citizens Against Government Waste, "CCAGW Challenges Presidential Candidates On Earmarks," Press Release, 12/27/07)
The National Taxpayers Union Gave Obama A Grade Of "F" For His Fiscal Voting Record, For His Score Of 16 Out Of 100. (National Taxpayers Union Website, www.ntu.org, Accessed 9/25/07)
The U.S. Chamber Of Commerce Gave Obama A 55 Percent Rating For His Voting Record In 2006. (U.S. Chamber Of Commerce Website, www.uschamber.com, Accessed 9/17/07)
Obama Is Among The Most Liberal U.S. Senators On Economic Issues:
"In 2006, Obama Was One Of 13 Senate Democrats With A Perfect Liberal Score On Economic Issues." (Richard E. Cohen, "Left To Right," National Journal, 3/2/07)
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