The United States has historically been a bastian of both Colonialism and Capitalism. That is why Michelle Obama said, following Obama's 2008 campaign, that she hated what America was until Mr. Obama became president.
That comment proved to be very, very insightful.
Because it explains Mr. Obama's obsession with jacking up taxes on those American's with the most investment capital (eg: the top 2%) even though taxing that segment of american taxpayer produces the least tax revenue per dollar taxed and discourages the most job creation... 2 things that America desparately needs.
Mr. Obama's insistence that congress relinquish it's custody of the "debt limit" is very much due to his consistently huge, $Trillion dollar federal deficits and his opposition to any spending cuts that might reduce those deficits. He is essentially seeking to make these deficits perpetual despite the liklihood that they will bankrupt America.... what better way to engineer a government takeover of America.
We MUST remember that Mr. Obama is the sworn enemy of a "free-enterprise" america. His hatred for colonialism was fostered at an early age by his father, and his hatred for the free-enterprise capitalism that made America great was cultivated by his step-father, Frank Davis, an outspoken, card-carrying communist, and his college advisor, who is an outspoken, socialist ideologue.
We are now learning that for Mr. Obama, a "balanced approach" to the budget means that now that taxes have been raised without any corresponding spending cuts...
... that it's now time to begin considering, you guessed it, MORE tax hikes... under the guise of "closing loopholes and tax reform".
Call it what you want to, but it all adds up to a steady march toward european-style socialism.
... because it would harm the economy.
So... when, in the future, will cutting spending NOT harm the economy?
It's been barely growing at a 1 to 2% GDP rate for years now under Obama despite huge deficit spending and massive money printing at the fed.
How long do we continue with this socialist experiment before we look at all the socialist experiments before us and decide to do something else....
.... Greece, Spain, Venezuela, Cuba... how many example of Obama-style experiments do we need to look at before we convince all the Justin Bieber fans that voted for obama that this is the wrong way to go?
... but when it's too progressive, then "incentives" are supressed, the society becomes unproductive and internationally un-competitive and succumbs to general economic decline.
This has been true of all progressively socialist countries prior to the one Obama is attempting to promote here in the U.S.
The problem is, the top 1% in America contribute about 42% of all federal income taxes but only have 1% of the vote. The bottom 47% of americans pay no taxes but have 47% of the vote. Such a situation perpetuates the interests of those who feed off the system and marginalizes the influence of those who pay into the system. The result is a "socialist vortex" that is similar to what is dragging many european countries into bankruptcy and depression.
The U.S. will not escape economic collapse. There is no will to cut out of control spending amongst the dominant left in american politics and tax increases can only address a small percentage of the huge deficits. Meanwhile, Rampant Deficit spending and massive money printing at the federal reserve are rapidly sending our economy to the brink as credit rating companies increasingly threaten to further downgrade the credit quality of U.S. Treasuries.
Alreadyhaveauser... you're getting the America that you and Obama want... and we're rapidly moving toward the bankruptcy that your vision for America will produce.
... which currently, is the highest corporate tax rate in the industrialized world.
That's not low, "bub".
If you invest $10,000 in a stock and it rises to $10,300 in one year during which the inflation rate is 3%, what is the capital gains tax rate on that $300 gain in "real" terms?
That's not low, "bub". A proposal to "index" capital gains for inflation after Obama took office was floated out of Washington in an ocean of entitlements... we index earned income for inflation... but we certainly don't want to do anything to help people who invest in jobs-producing industry, now do we.
Generally, a wealthier person has more invested... either in stocks and bonds, or in a directly-owned business.
Since most jobs are created by businesses, then it follows that the owners of those businesses are responsible for job creation. The wealthiest Americans own the most businesses.
Similarly, the wealthiest americans invest the most money in stocks. Investing in stocks raises the price of those stocks which, in turn, makes IPOs more fruitful for the issuing corporations and provides them with more capital to expand and hire americans.
Alreadyhaveauser, you are probably the only person on this board that doesn't have an understanding of these basic concepts of capitalism...
... so, the more appropriate characterization is.... what a hoot YOU are.