(courtesy of TaxFoundation.org)
OBAMA TAXES ON RICH WILL HIT POOR, SAY EXPERTS
11.12.12 -- In his first weekly speech since his November 6 re-election, President Barack Obama said that he has a voter "mandate" for, and will insist on, much heavier taxes on "the richest Americans."
Without such taxes on the rich, President Obama has said, he will force the U.S. economy over the "fiscal cliff" into heavier taxes on most Americans, a devastating new Recession, and unemployment that will soar to above 9 percent starting January 1, 2013.
"Mr. Obama apparently thinks he has a winning political poker hand, because he knows his mainstream media allies will blame Republicans for the economic horrors caused if he hurls America off the 'fiscal cliff,'" says Craig R. Smith, whose just-published latest book is The Great Debasement: The 100-Year Dying of the Dollar and How to Get America's Money Back.
"President Obama says he wants to tax the wealthy, yet this is almost impossible to do," says Craig Smith, who with Ponte has also written the recent widely-praised financial books Crashing the Dollar and The Inflation Deception.
"Two-thirds of upper income earners are also the owners and investors of companies that make the products that everybody, including the poor, buy," says Smith.
"When you tax such companies and the people who own them, they will just pass the tax along in higher prices for their products - just as President Ronald Reagan had his economists identify in the 151 hidden taxes in every loaf of bread," says Smith.
"The poor will in the end pay most of these taxes, but politicians like Mr. Obama will be able to avoid responsibility for taxing the poor," says Smith.
"The poor will also increasingly be trapped by government dependency because heavily-taxed companies and investors will produce fewer and fewer jobs," says Smith. full story