Barack Obama is wrong on taxes

I believe that Obama's ideas, even if plainly stated, are much worse than McCain's.

What you've heard about Obama only raising taxes on the rich is out of line with reality, and that's because you probably heard it 'from' Obama, or one of his supporters.

The wealthiest 10% of America pay 70% of the tax burden.
The bottom 50% pay only 3% of the tax burden, and the majority of those end up having a net gain from the government (meaning they benefit more than they pay - medicare / social security, etc)

Obama intends to raise many taxes, including ones that will hurt the 'everyman', like the capital gains tax. Know anyone on a pension? They'll get hurt. Know anyone with any kind of retirement plan? (401K, IRA, etc) They'll get hurt. By hurt I mean they'll pay higher taxes.

Oh and for all of Obama's talk about McCain wanting to lower the taxes that Oil companies pay, (which would help make more US based reserves, like oil shale in the rocky mountains, economically feasible for production)... what no one is saying is that they are giant benefactors of our government. Let's take just one of them:

ExxonMobil:
http://www.prodromus.com/2008/08/01/exxonmobil-pays-world-record-32-billion-in-taxes-during-q2

They are on track this year to break the record 100 BILLION dollars in taxes they paid last year. HOLY WOW!

Here's a pertinent quote:
"Newsmakers were quick to point out that the amount of taxes that ExxonMobil paid works out to $4,114 in taxes per second. And, every American would have had to pay an extra $100 last quarter if ExxonMobil did not pay their fair share of taxes.

Due to the high level of taxation, capital and exploration project spending only increased to $7 billion in the second quarter. Given the heavy tax burden, the company stock price slumped another 2.7%, causing losses in millions of 401K owners portfolios. Over $10 Billion in value was wiped out of stock investor’s holdings after this announcement. Individual investors are calling for tighter regulations on Big Government, demanding new WindFall Tax protection."

In other words they already pay too much, and Obama wants them to pay more. They are currently paying more than 50% of their net income before taxes in taxes. More than 50%. Wait read it again. More than 50%. One more time. More than 50%.

So yeah I'd be glad to loosen their collar a bit. This country needs energy sector innovation... not to be drilled into the ground by taxes.

So I'm voting Nobama in two weeks... i.e. McCain.