At the conclusion of his Father’s Day Sermon at the Apostolic Church of God in Chicago on Sunday, June 15 Senator Barack Obama made the point that his life revolves around his two little girls, and he fears for his little girls’ future in America without him as their president. The senator offered a litany of ills that—from his vantage point—currently plague America, which make America a terrible place to raise children:
• America is a country “where there is a huge gap between a few people who are wealthy and whole bunch of people who are struggling every day.”
• America is a country “that is still divided by race.”
• America is a country where “girls don’t have as much opportunity as boys do.”
• America is a country that is “hated around the world because we don’t cooperate with other nations.”
• America is a country that is in “grave danger because of what’s happening to the planet.”
In Senator Obama’s America there would be no income disparities because his confiscatory tax policies would take the wealth earned by the initiative of hard-working Americans and redistribute it to Americans who lack the initiative to work hard and make something of themselves. A recent editorial in The Detroit News properly characterizes Obama’s economic policy as “a war on wealth.”:
While giving part of the middle class a break, Obama would wage what could be described as a war on wealth through the tax code. He would restore the tax rates on those earning more than $250,000 a year to pre-2001 levels, remove the cap on payroll taxes for upper-income earners and push the current 15 percent capital gains tax rate to 28 percent.
While soaking the rich might have some political resonance, it’s risky to strip investment incentives from those most likely to create jobs. And despite the rhetoric, even with the Bush tax cuts, the top 1 percent of American earners still carry 35.6 percent of the tax burden, compared with 31.6 percent in 1996, according to the Internal Revenue Service.