Once again the Democrats’ hatred for the rich is showing. Senator Joe Biden, the Democrat Vice Presidential candidate, is calling for the rich to do the “patriotic thing” and pay more taxes.
Democratic vice presidential candidate Joe Biden said Thursday that paying more in taxes is the patriotic thing to do for wealthier Americans. In a new TV ad that repeats widely debunked claims about the Democratic tax plan, the Republican campaign calls Obama’s tax increases “painful.”
Under the economic plan proposed by Democratic presidential candidate Barack Obama, people earning more than $250,000 a year would pay more in taxes while those earning less the vast majority of American taxpayers would receive a tax cut.
Although Republican John McCain claims that Obama would raise taxes, the independent Tax Policy Center and other groups conclude that four out of five U.S. households would receive tax cuts under Obama’s proposals.
“We want to take money and put it back in the pocket of middle-class people,” Biden said in an interview on ABC’s “Good Morning America.”
Noting that wealthier Americans would indeed pay more, Biden said: “It’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.” [emphasis mine - CM]
Oh, where to begin? Is Biden calling for the rich to voluntarily pay more taxes, or is he telling us that the rich should feel patriotism swelling in their breasts as the federal government taxes them more? Past behavior tells me that the Democrat idea here is for the federal government to levy more taxes on the rich. After all, vowing to hike taxes on the rich is a major plank of the Democrat party. Or as one person said, “From each according to his ability, to each according to his need.” The author of that little gem is Karl Marx, and the left loves it. Ain’t it interesting how mad they get when we correctly identify them as Marxists?
I wonder how Senator Barack Obama can say with a straight face that his tax plans would result in a tax cut for most Americans. Oh, wait! I know how he can do that — he’s a Marxist! Here’s the truth: Obama won’t renew the Bush tax cuts of 2001 and 2003 when they expire in 2010. When they do expire, every tax bracket will go up — every one. So how exactly does this plan cut taxes for the “vast majority of American taxpayers”? I’ll whisper the answer: it won’t.
The truth of the matter is that in life you get more of what you reward, and less of what you punish. And taxing people’s income is the same as punishing their income. When you punish an activity less, you shouldn’t be surprised to see that people voluntarily engage in that activity more often. Want Americans to earn more? Then stop punishing them for making money.
Don’t believe me? Fine. How about believing history?
In 2003, capital gains tax rates were reduced from 20 percent and 10 percent (depending on income) to 15 percent and 5 percent. Rather than expand by 36 percent from the current $50 billion level to $68 billion in 2006 as the CBO projected before the tax cut, capital gains revenues more than doubled to $103 billion. Past capital gains tax cuts have shown similar results.
Obama’s plan will call for the capital gains tax rates to go back to 2003 levels, reversing the trend that caused federal revenues to double because people were being punished less for investing. If the Democrats are serious about increasing federal revenues, they would make the Bush tax cuts of 2001 and 2003 permanent. But Democrats won’t do that — because, even more than they love tax monies, they hate the rich and want to punish them.