In the last desperate gasp as the wave prepares to sweep over his campaign, John McCain has been running around the so-called battleground states claiming, “Barack Obama wants to spread the wealth; I want to create wealth.”
Has anyone else noticed that word wealth in there. Yeah, the operative term is spread the wealth. This is a concept quite different from “taking your money and giving it to someone else (meaning, you know, people who are worse off than you). That is, unless you happen to be Bill Gates or Mike Bloomberg or Ted Kennedy or, um…. Barack and Michelle Obama. Yep, Barack is proposing to tax himself and spread some of his wealth around. He realizes that part of the reason that his family has done so well is the support, infrastructure, etc. provided by tax dollars. He thinks that now that he’s doing so well, it wouldn’t hurt him to pay just a teeny bit more in taxes.
McCain, of course, is espousing policies to create wealth, though mostly for those who have, say, seven houses, and perhaps those who are already making multi-million dollar salaries. I don’t know about you, but if my income should suddenly jump over $250,000 (unlikely), I’ll gladly pay that extra 2% or 3% of the amount over $250,000.
And all this bullshit — and that’s what it is — about “raising taxes taking away the incentive to make money” is just that. True, there are some economic idiots who think that way. But what rational person would say, “Gee, if I expand my business and my income goes up another $100,000 this year, I’ll only get to keep $78,000, instead of the $81,000 I would keep now. No thanks — please don’t let me have that $78,000, because I don’t want to pay few more bucks in taxes.” Similarly, capital gains taxes are taxes on profits. You only pay them when you make money — lots of it. You still keep most of it. You’re way ahead.
Barack Obama may want to spread some of the wealth around. McCain, proving his knowledge of economics is pretty weak, just keeps spreading the bullshit instead. This time, at least, it seems not to be working.