According to the non-partisan Annenberg Political Fact Check, Sen. Barack Obama’s tax plan would increase gross tax receipts by $103.3 billion in 2011 alone. That number by itself would make it the largest single-year tax increase in American history since World War II, and measured as a percentage of gross national product, it would be the fifth-largest tax increase since 1943. Even with these record-breaking levels of taxation, Obama still would not be able to cover all of his promised increases in domestic spending. Commenting on Obama’s tax and spending …
Yesterday we detailed why Barack Obama’s high-tax/high-spending plan to grow the economy was doomed to fail. On the spending side we highlighted that Obama promises to spend $60 billion on infrastructure that he claims will create 2 million new jobs. In addition to pointing out that some studies concluded that these new jobs would come at the cost of losses elsewhere in the economy, we did note that one Department of Transportation computer model did predict that for every $1 billion in highway spending, 47,576 jobs would be created for …
If last night’s Democratic debate proved anything, it’s that the era of liberal tax-and-spend promises is back with a vengeance. The most illuminating exchange was between ABC’s Charlie Gibson and Sen. Barack Obama on capital gains taxes. After Gibson laid out the facts — that each time rates have been cut in the past 20 years, revenues from the tax have gone up, while the one time the rate was raised, revenues went down — he confronted Obama with his promise to raise the capital gains rate to levels as …
