Sunday, March 01, 2009

Obama's War on Capitalism and Non-Profits

Those of you who hoped for a moderate Obama presidency didn't have to wait long to be proven very, very wrong. In a few short months Obama has declared war on the freedoms that make this country great. His plans to start paying for his unprecedented spending binge are truly frightening. He is declaring war on achievement, on private-enterprise, on housing, on non-profit organizations - on capitalism (just a word that describes freedom in the economic sense) in general.

For those of you who make $250k+, you're going to get hammered. Good thing we live in a world where what happens to these people makes no difference to us. Oh wait. If big investors have their capital gains taxes raised from 15 to 20% - that encourages people not to invest, costing us jobs and keeping our 401ks down. Obama wants to eliminate the deduction for home mortgage interest - pretty much the worst thing you could do to the housing industry.

Most alarming of all, Obama wants to limit the tax deduction the rich get for giving to charity. This will harm the fund raising efforts of every non-profit organization in this country (most of whom are already struggling in this economy). The proposed changes are estimated to cost non-profits about $4 billion a year. Obama is saying, "Don't give non-profits your money, give it to me instead - I can spend it better."

"If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.” - President Obama

Apparently Obama is not aware that families earning less than that have utility bills. Obama's plans for a cap and trade system will impose massive new taxes on energy companies. His plan states that he will use this cap and trade system to provide tax credits for working families. These working families will pay the increased tax on their energy, and then get it back from their most merciful president.

Obama's policies are all anti-growth. They will slow the economic recovery and change this country for the worse. His presidency will end (hopefully in four years) with an enormous debt and a much bigger and more oppressive government.

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