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Re: Obama's Tax Plan and Your Wallet
Posted: Nov 03 2008 07:17 PM |
$ Obama vs. Jobs $$$
by Ralph R. Reiland*
Posted 11/03/2008 ET
I interviewed two plumbing company owners in Pittsburgh over the
weekend about Barack Obama’s economic proposals for small business.
One has 15 employees and 12 trucks. The other has 52 employees and 34 trucks. They’re Joe the Plumber, writ large.
Both
owners had the same reaction to Obama’s proposed new taxes and
mandates. To not have their bottom lines reduced by government fiat,
both said they’d be forced to lay off employees.
Specifically,
here’s what the owner of the larger firm said regarding six of Obama’s
key proposals for the small business sector. The average wage at his
company, figuring the 52 paychecks of his office staff, installers and
service workers, is $31,200, i.e., $15 an hour.
First, “Barack
Obama and Joe Biden will require that employers provide seven paid sick
days per year,” states the Obama campaign’s website. “I give three
paid sick days,” explained the business owner. His extra cost for this
one new regulation would be $24,960 (4 extra days, 52 employees, at an
average of $120 per day). “That’s one of the women in the office,” he
said. “I can make up that cost by letting one of the office people go.”
Second,
Obama states that employers will be required to pay 100 percent of the
cost of health insurance premiums for 100 percent of their employees or
face a tax penalty. “I pay 75 percent of their coverage,” explained the
owner. “The family policy is about $11,000. For single guys, it’s about
$5,000.” At an average annual cost of $7,000 per policy, his additional
cost for 52 employees to cover the 25 percent of the premiums that he
currently doesn’t pay is $91,000. “That’s the price of three
installers,” he said. “Just to stay even with where I am, I'd have to
fire three more people, or raise some prices and fire two.” The result
is more unemployment or more inflation, or both.
Third, with the
estate tax, Obama is calling for a top tax rate of 45 percent on
estates valued above $3.5 million, producing an estimated "death tax”
of $675,000 on an estate of $5 million. “You’re kidding,” he said.
“They took half my income on the way up and now they want another half
when I die?” He estimated that his business is already valued at over
$3 million, in addition to the value of his home and investments.
“Why,” he asked, “would I want to grow to 100 employees? What’ll stop
them from changing it to 75 percent?”
The cost in jobs that will never be created in the U.S. economy because of this single disincentive to growth? Incalculable.
Fourth,
Obama’s economic plan calls for a hike in the minimum wage to $9.50 an
hour within three years. The business owner’s reaction? “That’s bad for
two reasons. I don’t have anyone at minimum, but raise the bottom by $3
and a guy making $15 wants $18. Plus it’s bad for productivity when
people think their pay raises are coming from government instead of
from their own individual effort.”
Fifth, saying he’ll “play
offense for organized labor,” Obama is proposing that workers should be
denied the right to a private ballot at work in deciding whether or not
to unionize. “That’ll never be,” said the plumbing entrepreneur. “I’m
in business because I’m independent, not to take orders from a
grievance chairman. I’d shut down.”
Sixth, the increase in taxes
on this small business owner from Obama’s proposed hike in the income
tax rate from 36 percent to 39.8 percent on incomes above $200,000 and
the proposed increase in Social Security taxes comes to $32,000 per
year. “That’s another employee,” he said, referring to the termination
of another installer in order to just stay even.
And the jobless plumbers? They can be re-socialized to work for ACORN.
As
Obama explained in July: “We cannot continue to rely on our military to
achieve the national security objectives we’ve set. We’ve got to have
a civilian national security force that’s just as powerful, just as
strong, just as well funded.”
As “well funded” as our Armed
Forces personnel comes to $119 billion per year in paychecks for
“community activism,” a lot of money for registering dead voters,
caulking windows, making sure that all the guns are locked up at the
municipal buildings, and monitoring the airways to make sure that
conservatives don’t have too many talk shows.
Bottom line, Obama’s economic plan doesn’t hold water. Neither will our pipes.### *Ralph R. Reiland is the B. Kenneth Simon Professor of Free Enterprise at Robert Morris University and a columnist at the Pittsburgh Tribune-Review.
This article can be found at the following link: http://www.humanevents.com/article.php?id=29322
 May God Bless America!
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Re: Obama's Tax Plan and Your Wallet
Posted: Nov 06 2008 01:32 AM |
Dear JoAnne,
Yesterday I found one amazing quote
"It is with your mind as with a parachute... it works better when it's open..."
This elections may teach us that a little less than half of USA citizens are open minded and that`s great! That means that near half of population have released the patterns of herd!!!
Actually, I think that Americans are pretty spoiled as nation, taking a many serious things for granted.Nothing may be taken for granted, and those who voted for McCain are aware of that.
Those who voted for the changes, without asking which changes ... maybe voted for the opportunity to pay their attention next time.
I am not in panics. USA president is a powerful, but he doesn`t symbolize USA. There are many, many things on which I think , thinking of the USA ... Because of them, I appreciate your country very much and I still think you are 2 centuries ahead from the rest of world.
JoAnne, thanks for being a true American!
Blessings to you and family,
Branka
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