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June 24, 2008

Dick Morris On The Debate Obama Wants To Avoid

Topics: Political News and commentaries

In Dick Morris' new book, Fleeced, he focuses on specific plans that Obama has announced during his presidential primary campaign and discussing the consequences. This is the debate Barack Obama hopes he can avoid:

Consider his proposals:

• In effect, he would legislate a 60 percent tax bracket for upper-income Americans, killing all initiative and innovation. He'd raise the top bracket to 40 percent. He'd apply FICA taxes to all income, not just that under $100,000 as at present. So add 40 percent plus FICA's 12.5 percent plus Medicare's 2 percent plus state and local taxes averaging, after deduction, at 5-6 percent, and you have a 60 percent bracket.

• He would double the capital gains tax, saddling the 50 percent of Americans who own stock with dramatically higher taxes.

• He'd double the dividend tax, hitting elderly coupon-clippers now retired and depending on fixed incomes.

• He wants to cover 12 million illegal immigrants with federally subsidized health insurance, dramatically driving up costs and forcing federal rationing of healthcare. As in the U.K. and Canada, you will not be permitted certain medical procedures if the bureaucrats decide you are not worth it.

• He proposes requiring Homeland Security operatives to notify terror suspects that they are under investigation within seven days of starting the investigation.

• He says that unless they can establish that there is "probable cause to believe that a certain individual is linked to a specific terrorist group," Homeland Security cannot seize his documents and search his business. The current standard is only that the search be "relevant" to a terror investigation.

• In effect, he would legislate a 60 percent tax bracket for upper-income Americans, killing all initiative and innovation. He'd raise the top bracket to 40 percent. He'd apply FICA taxes to all income, not just that under $100,000 as at present. So add 40 percent plus FICA's 12.5 percent plus Medicare's 2 percent plus state and local taxes averaging, after deduction, at 5-6 percent, and you have a 60 percent bracket.

And he he doesm't oppose $5-per-gallon gasoline but only says that he wishes there had been a more "gradual adjustment" to the higher prices.

More commentary at TheHill.com ...

Posted by Richard at June 24, 2008 8:34 PM

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Comments

Posted by: cannon at June 24, 2008 10:14 PM

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