“America is great because she is good. If America ceases to be good, America will cease to be great.” — Alexis de Tocqueville
The quintessential American worldview is founded on the centrality of God and the primacy of the individual in the life of our nation. Good societies are not created by great governments. Good societies are created by good people acting freely in their own self interest and the interests of others.
That notion is in stark contrast with recent revelations regarding Senator Obama. We are now beginning to see more and more evidence that he has a worldview regarding government, property, and self-determination well outside the mainstream.
Consider what we have learned over the past three weeks. Leaving aside all the social issues in this column, just examine the economic issues.
First, paying for healthcare. The past several years have seen several million Americans start Health Savings Accounts. They enable people to save and accumulate money tax-free to pay for personal or family medical costs. They empower individuals to shop for the best deals and eliminate waste, stewarding their own resources to care for their own families.
But Mr. Obama has different ideas. He opposes HSAs, and his now-infamous 1996 questionnaire shows he has always opposed personal health care autonomy. Instead, he wants the central government to make all of those decisions for you and your family. A massive federal bureaucracy will decide what medical procedures doctors can perform, who qualifies for what treatments, and who can perform what services.
The price tag for this bureaucratic colossus is a stunning $800 billion, and that is just for starters. And how will he pay for this? He is going to raise taxes. While some might say that would all come from “the rich,” even a quick glance shows “the rich” cannot provide almost a trillion dollars.
Capital Gains Taxation:
Second, Mr. Obama now wants to double the tax on capital gains. Supposedly, this only taxes “the rich” and is consistent with the publicly expressed doctrine of his church, which decries the accumulation of wealth. This includes the wealth accumulation by those of middle income.
His plan taxes the middle class and those who have saved. In 1980, 20% of Americans owned stock, which would be subject to the tax. But now almost 60% of Americans own stock, so this tax would take money out of every 401k, every IRA, every college-savings investment account, and away from retirees who put any money into stock for retirement.