The Brian Sullivan Blog
  • October 15, 2008 11:41 AM EDT by Brian Sullivan

    "Spreading the Wealth"

    Tonight is the last of the three planned Presidential debates.   The economy and taxes will be a major focus.   Much of that debate centers on the supposed "tax cuts for 95%" claim Senator Obama has been pushing.   The Wall Street Journal dissected that claim recently.   

    Regardless of those numbers, the Senator also may have unwittingly revealed the true plan behind his strategy: take from those who have and give to those who have less.

    The New York Post has an interesting story today where the Senator told a successful plumbing business owner in Ohio that he intends to "spread the wealth" around by taxing those who have the nerve to become "rich."

    Here's an excerpt from the story and the Post link has the video:

    The fracas over Obama's tax plan broke out Sunday outside Toledo when Joe Wurzelbacher approached the candidate.

    Wurzelbacher said he planned to become the owner of a small plumbing business that will take in more than the $250,000 amount at which Obama plans to begin raising tax rates.

    "Your new tax plan is going to tax me more, isn't it?" the blue-collar worker asked.

    After Obama responded that it would, Wurzelbacher continued: "I've worked hard . . . I work 10 to 12 hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American Dream."

    "It's not that I want to punish your success," Obama told him. "I want to make sure that everybody who is behind you, that they've got a chance for success, too. 

    Here's my call for your help: can any economists out there please let me know if any "bottom up" theories of monetary policy have ever ended up growing an economy?   

shawn reeves

Spread the wealth spread the health care spread the fraudulant voter registration. Whats next? I can tell you my pension has been capped and my 401k is in the toilet.98% of the black population is voting for obama its juct a coincidence of course. 20 million illegal aliens with false social security numbers and drivers licences and who knows how many acorns. I fear the end of honest elections. I am an alaskan proud of it. sarah palin cleaned up our government a lot and cut everyone in alaska a 3200 ck from our permanent fund and for high energy costs. This is the kind of leadership we need in washington. She will clean it up. The difference between her and obama is you will have to work for it.

October 18, 2008 at 9:36 pm

jeremy

Those 30% of citizens who DON'T PAY ANY taxes are still voters. They are a big block of voters and that's who O is gunning for. That 30% obviously wants to get a bunch more free stuff from the GOVERNMENT. That means TAXPAYERS, get it? O is promising to give the NON-taxpayers more of the TAXPAYERS goodies. Woo Hoo! O yeah. Let's not forget that we are going to save Africa and END WORLD POVERTY too! TAXPAYERS are going to pay for that too? CHARITY BEGINS AT HOME.

October 19, 2008 at 12:11 am

jeremy

Those 30% of citizens who DON’T PAY ANY taxes are still voters. They are a big block of voters and that’s who O is gunning for. That 30% obviously wants to get a bunch more free stuff from the GOVERNMENT. That means TAXPAYERS, get it? O is promising to give the NON-taxpayers more of the TAXPAYERS goodies. Woo Hoo! O yeah. Let’s not forget that we are going to save Africa and END WORLD POVERTY too! TAXPAYERS are going to pay for that too? CHARITY BEGINS AT HOME. Your comment is awaiting moderation.

October 19, 2008 at 7:38 am

shawn reeves

I forgot to mention that the best way to stop terrorism is to stop them at the border. Fifteen of the ninteen terroists were saudi arabian responsible for 911 attack. They disappeared into our country on student visa. We still let them in due to our dependance on foreign oil. Sarah Palin has answers to this problem and she will spread our resource wealth to our country. The way i see the media has treated her is disgusting. She is a patriot. The smear campaign here in alaska against her is just that and the people of alaska cant believe the trooper was not fired. The lower 48 does not deserve her. If Mcain/Palin are elected get ready to see to see the washington fur fly starting with the gang of three.

October 19, 2008 at 9:21 pm

Roland

Yes, trickle up works. It's called a consumer driven, or consumer based economy.

October 19, 2008 at 9:38 pm

Slango

It's called bringing up the bottom. It was the basis for the success of unions so long ago. It needs to be applied more thoroughly. A worker working for a wage or salary is just as much a businessman as is the owner of the place that he works.

October 19, 2008 at 9:41 pm

Howard

Obama's first, second, and third priority is to get elected. If that means pandering to large numbers of people who want a free ride, he'll be happy to throw them a few crumbs as a way to get their votes. He will also turn democracy and capitalism on it's head, and villainize the affluent and successful in our society, in order to rally the masses behind him. With evangelical zeal Obama will convince his followers to replace reason with hope and belief ... to blindly follow him ... never challenge him ... and embrace his words as gospel. In the real, and unforgiving world of economics however, when you immediately gratify everyone by feasting on the goose that lays the golden eggs, the economy looses it's ability to continue generating growth and wealth. Obama is promising everyone a piece of the pie, whether they helped bake it, or not ... but, only in a socialistic, or communist state do the non-contributors demand to share equally in the property that belongs to others. Immediate gratification, and getting something for nothing, is like a drug to the malcontents, but in the big picture, every farmer knows that you never eat your seed crop. If Obama gets elected, America will turn into a third world country, with massive government welfare programs, unable to generate jobs for it's citizens, and unable to compete in the global markets. Keep America safe, free and strong ... elect McCain/Palin on November 4th.

October 23, 2008 at 11:43 am

Herbert Barber, PhD

Just thought I would let Einstein Obama know that when he raises my taxes, due to my being in that top 5 percent of income earners in America, that I will be laying off people in my firm accordingly. Dollar for dollar. As an example, let's assume in his useless infinite wisdom he taxes me an additinal $500,000 a year. Assuming the average person in my firm makes $50,000 a year, I will reduce my staff by 10 employees. We simply will learn to do more with fewer employees. Way to go Obama. What an idiot.

October 23, 2008 at 8:24 pm

ann

http://ataxingmatter.blogs.com/tax/2008/07/reagans-trickle.html -- trickle down does not work and just spreads the wealth and concentrates with the rich. In order for business to grow, they also need consumers (the middle class) with money to purchase goods. See FDR's the New Deal as a historically comparison. If a business tells you he is going to cut employees for each dollar in taxes spent, don't buy it. He is cutting off his nose to spite his face as he will still be making a profit off the work of his employees. And, Obama's plan as has tax cuts and benefits to small business investing in the United States etc. Finally, Obama just wants to turn the progressive tax structure to were it was in the 90s under Clinton/Regan -- when the ecomony was booming.

October 28, 2008 at 8:45 am

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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