When I heard this speech on the radio, I was stunned that he chose to ignore his own double speak. I guess it's only stealing if a corporation does it.
From Cafe Hayek:
Barack Obama, Supply-Sider (by Don Boudreaux)
Posted: 14 Jul 2009 07:31 AM PDT
Here's a letter that I sent recently to the Washington Post:
Seeking to encourage African governments to embrace institutions that promote economic growth, President Obama said yesterday in Accra that "No business wants to invest in a place where the government skims 20 percent off the top" ("Text of Obama's speech in Ghana <http://www.washingtonpost.com/wp-dyn/content/article/2009/07/11/AR2009071101327.html> ," July 11).
He's absolutely correct. So I trust that he'll offer the same advice to the U.S. Congress, for this body taxes every dollar of corporate income above $50,000 at a rate of 25 percent - and raises this rate to 39 percent on corporate incomes between $100,000 and $335,000. The average tax rate on corporate incomes higher than $335,000 is greater than 35 percent.
Surely Mr. Obama's understanding of the destructiveness of government confiscation ought not be lost on Rep. Pelosi, Sen. Reid, and Co.
Sincerely,
Donald J. Boudreaux
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