One Last Request before the Election
My thoughts today are on the election for President. The next President will have the charge of leading us out of our current economic recession. This is a serious matter that will affect the value of your real estate, your retirement, your family inheritances and your personal earning capabilities for the next 4 years. The next President will make decisions that will extend past their term in office.
I’ve had voted for both democrats and republicans in the past. I have friends on both sides. I have also been a small business owner for the past 20 + years working hard to support and educate my children as a single parent. My experience in small business has given me the courage to put aside my usual “don’t talk about politics at work mentality” and ask you to vote for Senator John McCain.
Senator Obama has some admirable qualities, but my decision to support John McCain is based on the economy. Both candidates are good men, but the question to ask is which one will bring back a stronger economy sooner. I am convinced that the policies of McCain will revive our faltering economy at a much faster rate than those of his opponent.
Current McCain Obama
Highest income Tax Rate 35% 35% 41%
Capitol Gains 15% 15% 29%
Dividends Tax 15% 15% 20%
Income & Payroll Taxes 35% 35% 43 -45%
Estate Taxes 45% 15% 45%
Corporate Taxes 35% 25% 35%
Source: Wall Street Journal – Candidate Web Site
It is common sense to me that you do not tax your way out of a recession. My fear is that voters do not understand that raising taxes on “the rich” is actually raising taxes on small businesses. This will hurt our current economy, cause loss of jobs and EXTEND the length of time that we spend in a recession. Our economy is so bad, the new President elect has been asked to meet with the current administration on Wednesday morning for an urgent briefing. WEDNESDAY MORNING ONE DAY AFTER THE ELECTION!~ This is not a normal sequence of events. It means the economy is worse than the average “Joe” knows on the streets. It means it is time to put partisan aside and vote for the best choice for our current times. That man is John McCain.
McCain will bring our economy back sooner because his plan encourages small business owners to continue investing in their companies, create more jobs and risk their own money and time to expand and grow & create new businesses. Some people want “CHANGE” no matter who gets hurt. Change is a very non specific term; therefore, it can mean anything to anyone. The change that Senator Oboma’s plan offers is a disincentive to the small business person. Small business supplies over 80% of all jobs in the US. Why do we want to hurt such a strong part of our economy? If you own real estate in Raleigh North Carolina or Cary real estate, please take this seriously. We have a strong local economy that can and will be hurt if small business suffers.
Today, a tape of Senator Obama was made public. He was speaking on his policy of clean coal technology. He spoke about his policy of a cap & trade system for the coal industry. He states that he will make it too expensive for anyone to build a new plant or survive in the coal business. Coal mines supply 50% of the energy for US electricity. This one stated policy of Obama, according to his own words, will cause energy (electricity) to sky rocket. Never have we had a candidate announce that he wanted to put policies in place that will put an entire industry out of business.
It has intrigued me that Warren Buffett has endorsed Obama. He’s a great speaker and obviously done great with his own wealth. The facts are that Buffett’s secretary pays more taxes than he does. Why? Senator Obama is committed to raising taxes on individuals and small businesses that earn above 250k a year (although that number keeps slipping lower to 200k, 150k and now 120k or perhaps the 42,5k that he voted last year). But, he does not intend to tax the rich in this country on their unrealized capitol gain wealth. Senator Obama policies are designed to tax hard working Americans that want to become wealthy! The very rich in our nation pay NO taxes on unrealized capital gains because they are already very wealthy. Senator Obama has even been talked about new taxes on your retirement accounts. It is worth repeating that the policies Obama supports are designed to prevent “workers” and “risk takers” who start new businesses from becoming wealthy – not those who are extremely wealthy already. No wonder supporters like Martha Stewart say she will “suck it up” and pay more taxes. She does not care if she has to layoff 20% of her work force –she has hundreds of millions. It is only the small business person that will be hurt here. If small business is hurt – 80% of our economy will be hurt needlessly.
There are 912 million top 1% wage earners in the US. Small businesses make up 663 million of that number. Of the top 5% of wage earners there are 4,650 million and 4,350 million are small businesses. Over 75% of the top 5% income producers are small business owners. Tax this group and you will extend this recession and there is plenty of history to prove it.
To those who just don’t care about extending a recession I would say, have you thought about the next 20 years? If you are 20 years away from your retirement and we go into a lengthy 4 to 5 year recession, you loose nearly 1/4th of the equity your could have gained on your home, any real estate investments, your earnings will be lower and any capitol gains you will earn will be eroded by much higher taxes.
These are just a few of the reasons I urge you to vote for John McCain. His policies will make a difference. The race is close, even though, the media has told you that it’s a done deal for Senator Obama. Please be part of a solution and vote for change that we can see and feel in this economy immediately.
Thanks for allowing me to tell you my concerns on this one. If the economy did not matter to me, I would not be so passionate and would have likely left this unsaid. But I am passionate for your children and my children, for the economy and many other concerns for this great country. God Bless you – go vote!