An Investor's Business Daily blast from the past - August 2008.
Eerily prescient and almost spooky.
Daddy dearest. --->Barack Obama's economic blueprint sounds like one his communist father
tried to foist on Kenya 40 years ago, with massive taxes and succor
shrouded as "investments."
As a Nairobi bureaucrat, Barack Hussein Obama Sr. advised the
pro-Western Kenyan government there to "redistribute" income through
higher taxes. He also demonized corporations and called for massive
government "investment" in social programs.
Writing in a 1965 scholarly paper, Obama's late father slammed the
administration of then-President Jomo Kenyatta for moving the Third
World country away from socialism toward capitalism. He chafed at the
idea of relying on private investors — who earn "dividends" on their
venture capital — to develop the country's fledgling economy.
"What is more important is to find means by which we can
redistribute our economic gains to the benefit of all," said the senior
Obama, a Harvard-educated economist. "This is the government's
obligation." The "means" he had in mind were confiscatory taxes on a
scale that redefines the term "progressive taxation."
"Theoretically," he wrote, "there is nothing that can stop the
government from taxing 100% of income so long as the people get
benefits from the government commensurate with their income which is
taxed."
Therefore, he added, "I do not see why the government cannot tax
those who have more and syphon some of these revenues into savings
which can be utilized in investment for future development."
There's more at the link. And the full text of the original Obama Sr's. paper can be found at this pdf.