What Tom Mcardle Has To Say About Obama's Tax Philosphy

On September 30, 2008 Bill O'Reilly interviewd Tom Mcardle, a senior writer for Investors Business Daily. They discussed Obama's Tax Philosophy, which basically says tax the rich and give to the poor, also known as income redistribution. Sounds wonderful to people like me, of course, but I am not buying another of his "telling the people what they want to hear" tactics, and here is why I find it impossible.

Barack Obama calls it neighborly and fairness. I call it a ploy to get elected by, once again, telling people what they want to hear.

First of all he can't give a consistent percentage, but that's the least of his set up for failure with this bogus plan.

Tom Mcradle says, "Well, he's talking about suspending capital gains for small businesses, which shows he fundamentally misunderstands how a free economy works. The big money that investors invest comes at the higher incomes. If you punish those people, you have a big problem with capital mobility. There is no way that that is not going to translate into lost jobs for ordinary people."

He goes on, " Well, this is a man that according to the national taxpayers union wants to spend $293 billion in extra spending annually. He is not going to be able to get all that money from the rich. He's gonna have to dip down into middle class in spite of what he says about 95% of middle class getting the tax cuts... Bill Clinton was not in office one month before he gave an address to the nation saying not only is there not going to be a middle class tax cut, there's going to be a middle class tax increase."

Bill O'Reilly addresses with this, "Well, that's what's going to have to happen this time because of the bailout. There isn't any money for any of this... If John McCain were smart, in the next debate, he'd say, You can't do anything, We just don't have it, what are gonna... China gonna lend it to ya? Where you gonna get it? Because there aren't enough people in this country, as you said, to provide the funds to expand the government, and payout the bailout. It's not gonna happen... He's selling this program to get elected."

Don't forget his universal healthcare plan. $100 billion a year it would cost easy. There is no cost containment in Obama's plan. It all sounds so wonderful doesn't it. But possible? Hardly.

He believes you can punish the fat cats in America through the tax system, yank up their taxes in a big way, without badly hurting the little guy, and that simply is not true. -Tom Mcardle



Here is the interview.
http://www.foxnews.com/oreilly/index.html?playerId=oreillyhomeplayer&streamingFormat=FLASH&referralObject=3120900&referralPlaylistId=966c04abd7aac250616627ec8060319738e5c5fd&maven_dartZone=undefined&maven_dartSite=undefined