Right Wing Finance

Obama was in Green Bay, Wisconsin today pushing his socialized health care plans when he told the audience his intention of raising the top marginal tax rate to 70%:

“”That’s why I’ve proposed that we scale back how much the highest-income Americans can deduct on their taxes back to the rate that existed under the Reagan years and we can use that money to help finance health care,” he said.”

Of course, most people hear Reagan and taxes and think good thoughts, because Reagan is associated with dropping the top tax rate from 70% to 28%. And that’s precisely what Obama is hoping. Of course, he isn’t specific about which point in Reagan’s two terms the tax rate would be set back to, but it doesn’t take a genius to know it’s closer to the 70% than the 28%.

Especially since the Obama domestic policy can best be summed up as “Tax the Rich.” Top rates are currently 35%. He can’t possibly soak the rich by dropping the rate to 28%.

This was only a small part of his speech, which contained the now standard Obama straw man arguments, like:

“We have reached a point where doing nothing about the cost of health care is no longer an option. The status quo is unsustainable,”"

As if anyone has proposed “doing nothing” with healthcare!

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