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In a new op/ed by IPI's Peter Ferrara featured today in American Spectator entitled "Obama's New Tax Welfare," Ferrara says:
In 1984, Walter Mondale ran for President promising to raise taxes if elected. He consequently made it to the dustbin of history even before the Soviets, averting a 50 state shutout by just 1,200 votes in his home state of Minnesota.
The recently released details of Barack Obama's tax plan, published on his campaign website, along with an article by his top economic advisers in the Wall Street Journal, confirm that Obama makes Mondale look like a moderate. For Obama pledges not just to raise taxes. He proposes to raise every major federal tax. The recently released details confirm that:
* Obama would raise individual income taxes, increasing the top two income tax rates, with the top rate climbing by 13%, to almost 40%. This tax increase particularly hits small business, which creates the most new jobs in America.
* Obama would raise the top capital gains tax rate by 33%, to 20%.
* He would also raise the top dividends tax rate by 33%, to 20% as well.
To read the full article, please visit Spectator online here.
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Author: Erin Humiston || Location: Lewisville, Texas, USA