Posted by
Mike Silverman on Thursday, September 11, 2008 11:06:16 AM
John McCain and Barack Obama have called a one day truce on criticism in honor of memorializing 9/11/2001. That's fine, but I have no such compunction to restrict my opinions about Barack Obama on any given day that he continues to be the Presidential Candidate of the Democrat Party whose policies will harm this country. In fact I think today is a particularly poignant day to point out why Obama's policies will endanger our country and leave us more vulnerable if he becomes President. First, let me say that I agree with Senator Joe Biden. Hillary would have been a better pick for Obama as VP, than himself. ( Indeed I suspect the Obama camp now regrets choosing Biden). Now..., I will refer to the startling idiocy of Obama's economic ideas as evidenced by a 2007 piece of legislation he supported. In August of 2007 Barack Obama and two Senate co-sponsors introduced a repressive bill to the Senate called the Patriot Employer Act. Nice sounding title eh? It's got that word "Patriot" in there. Sort of makes you think it's something that supports strengthening the foundations of our national security and economy. Well, forget it. The bill was designed to "encourage" US companies to abide by the sponsor's dubious definition of "Patriotism". What does Obama define as "patriotism"?...well... here we go. Obama's favored economic bill defined a Patriotic business as one that pays at least 60% of all employees health insurance premiums, makes no attempt to dissuade union organizing drives, Keeps the same number or more..., of active employees domestically in the US relative to the amount of people they hire for any international locations of thier business, pay every single employee at least as much as what the federal government chooses to define as the "poverty level" for a family of 3, and must provide a pension plan for all employees. And what do these businesses get for falling in line with the bill's definition of Patriotism? A 1% tax break on thier annual profits.
Whoop-de-doo. Now, here's the kicker. To finance the 1% tax credit, if you run a US company with sites overseas then... "Ta da" ... you have to pay the US tax rate on profits earned in those international locations, rather than the local tax rate of those countries. This amounts to a massive tax increase for any companies with international locations. You can read the text of the legislation at the following library of congress web page; http://thomas.loc.gov/cgi-bin/query/D?c110:1:./temp/~mdbshE5fec::
- Mike Silverman