Barney Frank Gives Away Obama's Plan...C'mon McCain-Palin, Now is the Time for a Market-Steadying Tax Cut
by Rense Johnson, Chairman
Citizens for Term Limits … for a fresh Congress!
October 23, 2008
As the stock market continues to deteriorate — traceable as the immediate result of Democrat refusal to agree to controls over Fannie May and Freddie Mac the one thing needed now more than ever is a reduction in federal income tax rates.
In a time of economic uncertainty the fastest way to turn things around is with a dramatic cut in the tax rates. Now is the ideal opportunity for a market-steadying tax cut, which by its nature will spawn many benefits.
The McCain-Palen Leadership Team is the team to propose it.
When President George W. Bush got his famous tax cuts approved by Congress early in his first term, he was putting into practice what Presidents John Kennedy and Ronald Reagan already knew. In Kennedy’s words: “A rising tide lifts all boats.”
Meaning, that lower tax rates stimulate economic activity, benefiting the economy as a whole. Paradoxically, as the economy benefits from that increased activity, the government takes in more tax dollars, even with the lower tax rates. The rising tide metaphor is indeed apt.
After the Bush tax cuts passed early in his first term, the stock market, as measured by the Dow Jones Industrial Average, tacked on a gain of approximately 25% to the all-time intra-day high of 14,198 on October 11 of 2007, just over a year ago. This was promptly followed by a Democrat-created initial 2563-point plunge as of July 31, 2008. Then another Democrat-created low of 10,828, then the gut-wrenching 500-point plunge of September 15, 2008, a product of all those which for years had preceded it.
The big drops occurred about six months after the tax-and-spend Democrats took over in Congress. Is there a connection?
Absolutely. Why? Their lack of legislative accomplishment and politically-motivated infighting.
Barack Obama wants to associate the McCain-Palin Leadership Team with President Bush; he wouldn’t be quite so eager were he to review the above numbers. Instead, Obama tries to skate around the fact that his proposals for our future are actually tax increases, including taxing individuals who only make $42,000 per year.
It is another example of Obama dishonesty.
But Old Instigator Barney Frank, the Congressman who loves taxes, has given Obama’s game away.
For the truth about Obama, the Democrats and their taxing ways,see the following video:
Now is indeed the time for tax cut. A real cut in tax rates
The McCain-Palin Leadership Team is the Straight Talk Team to propose it. Immediately.
Resulting economic activity will also bring additional revenue to the national treasury, to help attack the national deficit.
It worked for all Americans when Kennedy used it. It worked for all Americans when Reagan used it. It worked for all Americans when G. W. Bush used it. It will work for all Americans when The McCain-Palin Leadership Team use it. It’s called supply-side economics, and it always works.
And it will demonstrate to the American voters who has their best interests in mind — The McCain-Palin Leadership Team.
Comments