Obama Panders to Elderly with Tax Scheme
by Big Dog on Aug 12, 2008 at 00:53 Political
Barack Obama is touting a new part to his tax plan and this new twist is designed to pander to the elderly voters, those more likely to vote for John McCain. Obama wants to make the first $50,000 of income tax free for the elderly. Tax experts indicate that this is a bad idea for a number of reasons. It has also been pointed out that many of the elderly do not pay taxes and that an arbitrary threshold might take away incentive for them to work if they will go over the limit.
Obama believes; “If you work hard and pay into the system, you’ve earned the right to a secure retirement.” [My Way News] This all sounds real good but it begs the question; if they are entitled to a secure retirement why is Obama opposed to privatizing at least a portion of Social Security? The Social Security system is broken and a lot of that is because politicians use the money taken in to pay other bills. They cannot be trusted with any money because all they now how to do is spend. In addition, the money that does survive their raids earns very little interest. Even with a turbulent economy, money placed in the market is earning more than the money held by the government.
Obama believes, as do most Democrats, that the government knows what to do with your money better than you do. John Edwards was partly correct when he said there were two Americas. Edwards believed there was one set of rules for the rich and one for the poor. In reality, there are two sets of rules but they are for the elected and the people who put them in office. While we have to worry about retirement, the elected have very nice systems all paid for by the taxpayer.
The problem with our country is that we spend too much money and the answer to our problems is always more taxes. In order for Obama to decrease or eliminate taxes on the elderly some other group will have to pay more. It is high time someone started talking about decreasing spending and lowering our taxes at the same time.
It is time for common sense plans instead of pandering. However, look for more pandering as the election draws near.
Also keep in mind that this money they discuss spending does not belong to them. They have no right to commit it to schemes that will ultimately end up costing all the producers even more money.
Tags: elderly, Obama, scheme, socialism, taxes
My father always says (his father told him) that there are only two ways to have more money, earn more (raise taxes) or spend less (cut spending). Our government and those in it would do well to remember this, we need to cut spending and ease the tax burden on the American populace.
I find it funny how Democrats think letting Americans have back some of their tax money in the form of a “stimulus package” (and some wealth redistribution to boot) is good for them and the economy yet seem to be unable to make that leap of logic that letting them keep that money in the first place through low taxes is also a good thing.
More money in the American people’s pocket means more investment, more jobs, more goods & services purchased, and as a side effect more government revenue through existing taxes.
Really though the spending of Government needs to be curtailed drastically. Dead weight workers need to be let go (like the guys that play cards for 4 hours a day and get paid six figure salaries). Fiscal policies need to be revamped to encourage department to operate efficiently and not go on spending sprees at the end of the year.
Sadly our politicians won’t do this.