Barack Obama gives Speech, proposes middle-class Tax Cuts





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Published on Jun 13, 2008

Barack Obama gives speech advocating tax cuts for the middle class and senior citizens.
John McCain supports Bush's plan to privatize Social Security. Bush's plan to privatize Social Security...would have reduced guaranteed Social Security benefits, and endangered the long term stability of the Social Security Trust Fund by diverting trillions of dollars that would otherwise be used to pay guaranteed benefits...privatization would only worsen the already-floundering Bush economy by putting a huge new tax burden on Americans by requiring massive new borrowing and debt...Obama firmly opposes Social Security privatization and has proposed increasing social security taxes only on families earning $250,000 or more per year -- a move that would guarantee the solvency of Social Security for generations.
The Republicans will lie. They will claim that Obama is going to raise everyone's taxes. They will claim that lowering taxes increases revenues. They will claim that our fiscal problems are all due to spending. They will claim that the wealthy are not really that wealthy, and that raising taxes on the top bracket back to where they were will kill the economy. And, they will say that Democrats just love to tax.

They will repeat these points over and over and over and over and over and over again.

Democrats, as usual, walk right into their trap. Today, I happened to have various news channels on, and several people dubbed as "Democratic strategists" just fell for it. Worse, by their silence, they tacitly accepted the Republicans' implication that they like to tax.

Here is a little tutorial for Democratic "strategists" on taxes.

1. First, begin EVERY comment about taxes by saying something to the effect of, "no one wants to pay taxes or have their taxes raised. No one in politics wants to raise taxes. " Without such a context, it does sound as if Democrats are only trying to raise taxes on the wealthy just because they like taxes. But, add, the Republicans are just about borrow-and-spend, and give the bill to our children".

2. Next, indicate that Bush and the Republican Congress have spent us into oblivion. We had a $5 trillion surplus, they've turned into a $4 Trillion deficit, a $9 Trillion turnaround, the greatest financial mismanagement in the history of the world. And, repeat, "in the history of the world." No one has ever done worse, ever, anywhere. They borrow and spend. (Yes, repetition!).

3. That's immoral. It puts huge obligations on our children and grandchildren. Every child born today inherits more than a $30,000 debt on the day of their birth. That is wrong.

4. Not only that, the American people have needs---for healthcare, for education so the children with that debt can compete, for a new energy economy, for our veterans....all needs neglected, sometimes criminally, by Bush and Republican Congress.

5. Therefore, we ONLY go to increase taxes on the wealthy to pay for those needs and to reverse the Bush/McCain-Republican mismanagement of our debt. We raise taxes because we need the revenues, not because anyone wants to. And, if Bush and the Republicans had not been so negligent, we would not have the problems we have today with the economy.

6. And emphasize, the increase is ONLY to the levels they were in the '90s, 4-5%, and say, "don't tell us that 4-5% is going to impact the economy, we have proof from the '90s that it did not."

7. On no account accept that reducing taxes increases revenues:

a. Reference Bush's Treasury Secretary Paulson who said that tax cuts do not pay for themselves;
b. If tax cuts did pay for themselves, or even better, actually increase revenues, then shouldn't we ask "why then do we have so much debt?"

8. Finally, not only are the wealthy the best place to go to increase tax revenues, it is also not going to hurt them--they can afford it, the top 1% own a greater percentage of our wealth than they did at any time since 1929---and we all know what happened in 1929!

By the way it so happens that raising taxes by 4-5% on the wealthy, and keeping a lid on spending, the dollar would rise, the price of oil in dollars would fall, and the "tax" we are all paying to the oil companies in increased pump prices would improve the economy, reduce inflation, and likely provide the wealthy a much greater increase in their wealth than they "lose" in paying more taxes.


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