Monday, September 01, 2008

Mark of a Liberal: Thinks Profit is a dirty word. Obama is a Dirty Liberal

Obama's economic policies are skewed toward punishing companies and individuals taking risks and earning a reward for their actions.

Ben Stein in his NYT pieces highlights one of Obama's misguided policies: the windfall profit tax.

Stein correctly points out that most of the stock of publicly traded companies are held by pension funds and mutual funds (which manage retirement funds). Taxing companies reduces the amount of funds that go into these retirement.

Taxing reward for taking risks, reduces the number of risk takers which leads to less economic activity and job creation. That is because most of the jobs created in the country are by entrepreneurs taking risks to start companies.

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