CUT TAXES FOR ALL

[HT:SR]
To "create or save" the 3 million jobs he intends to, Obama must instead focus on the unpopular but necessary job of lowering the burden on those taxpayers who create jobs and spur economic output -- the nation's entrepreneurs. But most of them are in the top 5 percent of earners -- those whom Obama would cut out of any tax reduction. This is class warfare with no real underlying economic rationale.

If Obama is serious, he should:

> Cut corporate tax rates. U.S. businesses pay a top rate of 35 percent on income, which rises to 40 percent when state taxes are added. The average corporate tax in Europe is 24.2 percent, so it is no surprise that many successful corporations are moving abroad.

> Slash capital gains tax rates. A recent report from Ernst & Young found that U.S. capital gains taxes are already higher than in more than half of the world's top-performing economies. Raising them would only make us less competitive.

> Not raise taxes on the rich. Those with incomes over $250,000 a year are the most likely to invest, (and they already pay 48 percent of all taxes).


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