Bos. Herald exposes Obama’s giveaways & tax increases

Yesterday’s Boston Herald editorial is the best brief descriptions of the consequences of Sen. Obama’s tax and spend plans I’ve read.

The Herald begins - - -

As the economy continues to give working Americans the shivers, it’s time to take a serious look at presidential nominee Barack Obama’s tax plan.

Obama’s Joe the Plumber moment exposed the flaw in the candidate’s plans to increase the income tax rate for “the wealthy” - including small business owners - all the while giving refundable tax credits to those who might not even be paying federal income taxes.

Yes, it’s blatant income redistribution, but there’s more.

If you liked the Clinton era taxes, you’re gonna love an Obama administration.

Obama’s Web site spells it out: “The top two income tax brackets would return to their 1990s levels of 36 percent and 39.6 percent.” The capital gains tax on those same families would increase from 15 percent to 20 percent. The same goes for taxes on dividends.

You think the credit market is tight now? Well, just wait for these tax “reforms” to further dry up capital.

The Obama tax plan also has a list of domestic tax “loophole” closings. Those of us who have seen similar proposals offered here by a Republican and then a Democratic governor know that “loopholes” are often in the eye of the beholder.

And when corporate “loopholes” are closed, those higher costs are invariably passed along to consumers.
This candidate who says he wants to increase incentives to make this nation less dependent on foreign oil also wants to eliminate “special tax breaks for oil and gas companies,” including “manufacturing deductions for oil and gas firms.”

Yep, that will encourage domestic production!

Whatever tax hike Obama hasn’t thought about, congressional Democrats surely will.

Our own Rep. Barney Frank was quoted in yesterday’s Wall Street Journal as saying that after an immediate “increase in spending” by Congress to stimulate the economy, “I believe later on there should be tax increase.”

So there you have it - the unvarnished and rather costly truth.