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Democrats on Taxes, Banking, and Healthcare…Nothing But Lies.

There was a very interesting discussion of ”What Is Rich”. President Obama, and most Liberal politicians, intend to raise taxes on those making $250,000 or more. Unfortunately, that is a very arbitrary standard.

An income of $250,000 is a lot richer in Abilene, Texas, than in New York’s Nassau County, where it takes $430,000 to enjoy a similar quality of life, according to bankrate.com. So let’s call them the “working rich.”

The other flaw in this idea is that the burden of these new taxes will actually fall on the “working rich” rather than the super rich, as all the political rhetoric implied. The “working rich” are, in reality, the upper middle class. It also needs to be remembered that taxing the rich doesn’t actually stimulate the economy,

Soaking the rich doesn’t even seem to increase tax revenues. The top marginal tax rate has fluctuated wildly over the past 50 years, from 91% to 28%; it’s now 35%. But individual tax revenue as a percent of GDP hasn’t varied much at all – it hovers at about 8% – and its variations don’t correlate with the top tax rate.

So, in reality, who is really getting soaked by President Obama’s new tax plan? It’s not the rich. Obama changed nothing, despite his rhetoric.

(…is anyone really surprised?…)

Meanwhile, U.S. House Financial Services Committee Chairman Barney Frank who did such an amazing job of wathing over the financial community (aka Fannie Mae and Freddie Mac) wants to eliminate the ban on internet gambling in the US. Given that Frank has never been called on the carpet by the media for his misdeeds, this will probably be trumpeted as some noble cause by the media. In an effort to look good for the party, it should be noted that Frank is also pressing legislation to halt implementation of Bush administration anti-gambling laws.

“The government should not interfere with people’s liberties,” said Frank.

You have to admit that as he and the other Democratic leaders in Congress press on with increase nationalization and control of business, standing up for people’s liberties is kind of reversal. The sad part is that the European gambling firms have lost millions in recent times. So, this would not even make sense from a tax revenue standpoint. But, then again, if you put in line with Obama’s failure to tax the rich, it does make a sick sort of sense.

But, in a Reuters news report, the Democrats are telling more lies. Perhaps repeating the same lie would be more accurate in this case. This time, the lie-teller is new U.S. Health and Human Services Secretary Kathleen Sebelius. On Wednesday, she made an appearance before Congress and stated that the new US Health Agency will “compete with private insurers rather than lead to a socialized system as Republicans claim.” Her statements fly in the face of Rep. Jan Schakowsky (D-IL) Admission that Obama Healthcare Plan Will Destroy Insurance Industry. However, the report goes to great lengths to discuss to studies showing the need for urgent reform. Will the media ever get around to reporting this sort of thing properly?

(…it would be nice…but I am not holding my breath…)

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