Reagan: Who Does the Money Belong to?

In his recent town-hall appearance, President Obama sought to pin the blame for the nation's economic troubles on the so-called Bush tax cuts enacted in 2001 and 2003. That's not all that surprising, since the president appears to believe that the federal government is the sole and rightful owner of what you think is your money. He says it isn't your money. He is convinced that it's his. Thus you can expect him to oppose any measures that would allow you to hang onto the lion's share of the money you earn or receive from investments. The Bush tax cuts will die of inaction at the end of 2010 if they are not extended. Mr. Obama doesn't want them extended. After all, the tax cuts were designed to allow you to keep a lot of the money you earn while limiting how much of your income the government can confiscate. They cut taxes across the board for earned income, long-term capital gains and dividends. Among other changes, they expanded the child tax credit and put into effect a host of other tax code changes and adjustments, deductions, exemptions, and mitigated the so-called marriage penalty. Read more here:

Reagan: Who Does the Money Belong to?