Obanomics

One of my biggest complaints to the economic plan of Obama is the 95% number. As I have said, I STILL cannot see how he plans to cut taxes for 95%, when 40% of the folks don’t even pay taxes. Someone had the moxie to argue with me that what Obama means is that 95% of Americans make less than $250,000 a year.

And your point? With that argument, you are implying that everyone making less than 250K will get a tax cut. Even Obama doesn’t make that claim. What he DOES say, is that if you make over 250K you will see your taxes increase slightly because ‘you done good’…

..well then. Let us examine just how well off Mr. 250K is, compared to Mr. 50K.

The Obanomic plan does not take into account cost of living across the country. As many of us know it is VERY different depending on where you live. In Manhattan, NY if you buy a 3 bedroom, 2 bath condo, you will pay an average of $1.6 million dollars…. MILLION. If you happen to live in Youngstown, Ohio you will pay roughly $119,000 for the same property.
Stay with me, it gets better.

The average mortgage and taxes for those homes would be $9,913 in Ohio, and $116,482 in Manhattan. All things figured in, our man in NY would have $165,000 left after taxes. Taking out the $116,000 in taxes and mortgage leaves him $49,000 to cover all of his other costs- food, clothing, schools, automobiles, etc. Our man in Ohio is lucky. Under the Obanomic plan, he will get a $1,000 tax credit. $51,000 minus his $9,000 for mortgage and taxes will leave him $42,000 to cover his remaining expenses.

Am I just missing something here? A guy making 250K in Manhattan is about in line with a guy making 50K in Ohio? And the poor guy in NY is ‘wealthy’ to Obama and his cronies, and so will get punished by getting higher taxes. Herbert Hoover raised taxes after the collapse of the stock markets. The economy had stabilized and begun to recover (sound familiar?) when his advisors said it would be fine to levy new taxes. The result was a 10 year depression and an unemployment rate of 23%. I like my job, thank you.

And before you scream foul, these numbers are not mine; they are the federal governments- the same government that America seems determined to hand over to Nancy Pelosi, Harry Reid and Obi-wan.