Ohio’s unemployment rate is 7.2%. I can’t remember when it was as low or lower than the national average-perhaps not even in my lifetime. So, can someone please explain to me how Senator Obama’s plan to increase taxes on businesses making more than a 5% profit (Democrats call such success a windfall profit) will make that business want to hire more people? It seems like if the cost of business goes up by being taxed, the business would pass that increased expense on to its customers, perhaps let more people go, and thus both increase inflation and unemployment.
Additionally, more than half the people in this nation are employed by small businesses, and most small business owners earn more than $250k a year (though many will surely tell you that money goes right back into their businesses). If Senator Obama and Democrats want to raise taxes on people making more than $250,000 a year, than how will that encourage those small business owners to hire more people and spend more money on their businesses if they have less money to spend?
Look, I hate it when CEO’s get $20million a year and another $50mil in stock options and bonuses while they’re letting people go, and I’d like that curbed, but at the same time I cannot understand why the government should EVER take more than 50% of a person’s paycheck (state, local, fed, sales combined). All that does is encourage people to try and stash their money overseas, or invest overseas, or to find loopholes. What is a person’s “fair share” of the tax burden? How much profit margin is a business allowed to get? Lastly, Ohio is key to this election, and every 4 years we’re swamped with politicians promising to revive Ohio. 7.2% unemployment, higher than average inflation, and a continuing downward economic trend…when will a politician actually do something for Ohio?
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