March 4, 2009

We need to invest in our country

Posted in foreclosure crisis, health care, mortgage reform, Obama administration, President Barack H. Obama, taxes, U.S. Economy tagged , , , , , , , , , , at 5:18 am by realitytax

USA flagAs an entrepreneur who has run several small businesses, I think it’s time to return to fundamentals on the economy, starting with investing in America again. It’s small businesses that will put people back to work; that’s how we’re going to get this country back on its feet. It’s entrepreneurs and small business owners who respond with enthusiasm instead of being bound in their decision-making by CFOs and slow-moving Boards of Directors focused on short-term bottom line numbers, (the kind of decision-making that led to the foreclosure and credit crisis, and ultimately the big business bailout using taxpayer dollars.)

To be sure, we need public education, technical schools, and affordable college tuition so young Americans are ready for these new jobs. It’s a global economy, but most of us work in the same city we live in. When we see bulldozersCaterpillar tractor and excavators moving dirt, and trucks hauling instead of sitting idle at auction sites, then we’ll know things are turning around.

The President is intent on stimulating the private sector, but big businesses with names we all know have abused deregulation and the public trust. Credit card companies raise their rates willy-nilly, and hide extra fees in the small print. How much of his economic stimulus can be paid for simply by ending wasteful government spending, and eliminating tax cuts for the super-rich?

Is it a coincidence that the size of the bailout Bush proposed roughly equals the cost of the war in Iraq?

That war has been a burden on our military, and paying the debt is a drag on our economy that will linger for years. The new President is winding that down, but we’ll be paying for it for years and spending is only half of the equation. The money to do these things has to come from somewhere. Government is here to stay: In some way we need to fund the things that make government work for the people. Our elected leaders, in turn, must stop letting our hard-earned tax dollars simply line the pockets of special interests.

The American Dream isn’t about letting lobbyists control who pays taxes and who gets rich, it’s that any child in this country should have a chance at becoming a productive adult who can support and raise a family comfortably.  Working full-time and pulling your weight should mean you don’t have to worry about grocery bills, the price of commuting, or paying to see a good doctor when you or your family needs medical care.

Tax credits for continuing education make it tempting to better yourself.  The tax cuts for the middle and lower class earners proposed by the Obama administration make a start at offsetting the skyrocketing costs of groceries, health care, and college, but we need to go further. One great idea is to give tax incentives to companies that cover increases in health care costs while the President tries to reform that out-of-control system.

Public pressure and increased scrutiny are starting to make companies think twice about  huge salaries and bigger bonuses for wealthy executives while pleading for bailout funds and cutting paychecks and benefits and pensions of the people who do the real work. Let’s take it a step further and tax those who make money by exploiting cheap labor overseas. Our government needs money to operate, Job Growth Aheadno matter if it’s to build roads, insure products made overseas are safe,  or to keep our military strong, and if a company doesn’t want to pay American workers they still have an obligation to contribute and support the system that has made their success possible. We need to reverse the trend of layoffs and plant closures; we need to rebuild the foundation of our economy – and the American Dream – by putting Americans back to work.

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September 11, 2008

Obama on Capital Gains and Housing Foreclosures – in APRIL 2008

Posted in 2008 Elections, John McCain's campaign, Senator Barack H. Obama, taxes, U.S. Economy tagged , , , , , , , , , , , , at 1:24 am by realitytax

Well before we had to bail out mortgage lenders, Obama was trying to get people to pay attention to the foreclosure crisis… but the thrust of this segment is a clear answer to a toughly worded question about Capital Gains taxes.

 

Gibson tried to get him to back off his stance in the early spring, but here we are in autumn and he’s maintaining the exact same answers. Obama understood the pressure the housing market was under, he’d written to Bernanke and Paulson over a year earlier – in March of 2007. He gets how taxes and the credit crisis he saw coming relate to the larger structures of our economy overall.

Obama vs McCain on taxesSo, if you’re getting rumors in your email about Obama taxing water, or IRAs, or other accounts explicitly designed to be tax free, and wondering why the Wall Street Journal and Bloomberg prefer his policies?  Do your homework, because Obama has a clear understanding of our economy and the value of genuinely responsible “pay as you go” fiscal policies.

If you’ve heard Obama has a plan to double our taxes, or tax the profits from home sales or other capital gains at a higher rate than McCain? Find an objective, non-partisan source, and soak up the facts.

The media has no interest in informing you; they sell commercials to earn their living so they will entertain you and use the language of an announcer calling a horse race.  They are trivializing a critical national election, and hoping you won’t notice because you’ll be too awed by their fancy graphics and analysis – is this Monday Night Football, or an election for the U.S. President?

An informed electorate can pick the superior candidate.  You may or may not agree with my views, but you owe it to yourself, your family, and future generations to be well-informed before you vote.

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