November 15, 2008
An Obama supporter asked me what will happen if he is elected? Here is my answer to what I expect will happen within the next two years, if the veto proof majority in Congress is Democrat.
All restrictions by individual states on abortion deleted; abolishment of the Second Amendment; abolishment of Talk radio and TV using equal time on the programs as the means to accomplish it; restrictions on e-mail messaging; classifying the middle class as being rich if income is not just $250,000, but $50,000. V.P. Candidate Joe Biden already announced a reduction from $250,000 as too high an exception and cut the figure to $150,000 and the latest is $100,000 announced by the powerful U.S. House Way and Means Committee Chairman Rep. Charlie Rangel on earned income. The result will be stagnation with no reinvestment by small business – either ma and pa small businesses with much lower income than the larger corporations will not be plowed back.
Higher taxes on earnings of $5 million is also considered small business will cause layoffs and more than likely encourage entrepreneurs to invest in China and India rather than here. The larger foreign corporations will do the same after their small business competition is all but eliminated.