President Obama’s two biggest “achievements” since taking office are the so-called stimulus and government-run healthcare.
But neither one of those policies are popular, so the President largely ignored them during his state-of-the-union address and instead focused on using the tax code to promote “fairness.”
But fairness doesn’t mean treating everyone equally by adopting a flat tax. Instead, it means a class-warfare policy of higher tax rates.
The President’s home state of Illinois is a good test case of this approach. The politicians rammed through a big tax increase early last year, supposedly to stabilize state finances.
Unfortunately, Obamanomics isn’t working very well in Illinois. The state just got downgraded by Moody’s and ranks below even California.
The most damning evidence, though, is what’s happened to the job market. Unemployment is still far too high across the nation, but the vast majority of states are seeing at least modest improvement.
But a tiny handful of states, led by Illinois, are moving in the wrong direction. Here’s a very powerful chart produced by the Illinois Policy Institute. The tax hike is about one-year old, and we’re already seeing strong evidence that jobs are fleeing the state.
Now close your eyes and envision a different map. Instead of American states, imagine a map of the world. And think what it will look like if Obama succeeds in imposing all the tax increases he had endorsed.
I suppose it won’t look as bad as this map because there are plenty of other nations engaging in suicidal tax policy. But it doesn’t take a vivid imagination to understand that Obama’s class-warfare approach would drive jobs and investment to the nations with better tax policies.
When class-warfare tax policy is failing in Illinois, he thinks it will work for the entire country because he doesn’t think in facts, figures, and logic. He thinks in fancy words like “common purpose”, “common resolve”, “our journey moves forward” – which if corresponded to real world, mean nothing. He is an expert at collective rhetoric that is woefully empty.
[...] we had better hope not. High unemployment combined with a terrible state credit rating. For the umpteen millionth [...]
Flat tax? No tax is what it should be, let the defaults fall where they may.
If all the money is being made by the job creating wealthy class, and taxes can’t be raised on them now, cut it to zero, and then to zero for everyone else. Which is actually a zero, non-flat tax.
Without a loop hole to jump through the business side of this system might have to create a job, or get creative in ways other than making money on top of money.
Mean while, the rest of the country, goes on a spending spree, pays off their debt and creates its own economy.
[...] higher tax rates in his recent budget and it seems he can’t make a speech without making a class-warfare argument for penalizing producers, investors, entrepreneurs, and small business [...]
[...] they want America to be more like the President’s home state of Illinois, a fiscal basket case. But it’s not just Illinois that’s in trouble because of a bloated and expensive public [...]
[...] they want America to be more like the President’s home state of Illinois, a fiscal basket case. But it’s not just Illinois that’s in trouble because of a bloated and expensive public [...]
[...] they want America to be more like the President’s home state of Illinois, a fiscal basket case. But it’s not just Illinois that’s in trouble because of a bloated and expensive public [...]