Posted by
Jim McGriff Jr on Tuesday, October 28, 2008 6:00:00 PM
Obama states in his acceptance speech, “I will eliminate capital-gains taxes for the small businesses and the startups that will create the high-wage, high-tech jobs of tomorrow”.
Obama must be a genus of business forecasting. Obama’s statement belies his socialism/communist/central government know all economic view; versus, our capitalist free market system. The Obama’s view is dead wrong.
Who would Obama eliminated the capital gains tax for in the beginning of the personal computer business of the 1970-1980’s. Would it have been the Adam Computer? Would it have been Digital? Would Obama have known about the garage team of Steve Jobs and Steve Woznaik? These Apple computers were hand-built by Wozniak. Or would Obama have given his governmental subsidy to IBM? IBM the giant company that lost out in the personal computer business it had helped to bring to the forefront of our way of life. Obama would have surely known and helped Michael Dell, the University of Texas at Austin student, who started Dell Computer Corporation with $1000 out of his off campus dorm room. Enough! No one could have known or predicted any of the above outcomes.
Obama just does not understand how our country and our free enterprise system predict corporate winners. This free enterprise system allows the citizens of our country to make the choice on which products and companies survive. This choice is made because of the product and service each company provides to their customers. This economic miracle has made the United States of America the greatest country in the history of the world.
Obama or the federal governmental can not begin to understand how any product market will play out over time. This is just another indication of Obama’s lack of understanding of what has made our country the birth place of the most successful global companies in the history of the world. Tax policy can only kill this economic miracle. By the way, business does not pay any taxes; the tax costs are included in the products price.
I am not saying Obama does not care about this, he just don’t get it.
Oscar James McGriff, Jr.
Tuscaloosa, Alabama