Jonathan B. Wilson

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Jonathan Wilson is an Atlanta attorney with more than 19 years of experience guiding growing private and public companies.  He currently serves as the outside general counsel of several companies and is the former general counsel of (NASDAQ: WWWW) and EasyLink Services (NASDAQ: ESIC).  He is also the founding chair of the Renewable Energy Committee of the American Bar Association's Public Utility Section.

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Tuesday, October 28, 2008

Obama and the Courts
Steven Calabresi outlines how an Obama administration would be poised to pack the courts with left wing judges. 
7:35 am edt 

Monday, October 27, 2008

Barney Frank: Cut Military Spending and Raise Taxes
And just in case you thought this talk of income redistribution was merely theoretical, along comes Barny Frank to make things really clear.  When Obama is President Frank says that he would slash defense spending and raise taxes. 

Just what we need when we're at war and struggling with a difficult economy: spend less money keeping ourselves safe from terrorists and suck money from the business cycle by increasing taxes. 

Obama has tried to convince voters that he would cut taxes for 95% of Americans.  Frank is more realistic, however, conceding that "we'll have to raise taxes, ultimately." 
8:42 am edt 

2001 Obama Radio Clip on Income Redistribution
Apparently income redistribution is a goal that Barack Obama has had for many years.  This 2001 clip of a radio interview when he was an Illinois State Senator shows Obama musing publicly about whether it would be better to pursue redistribution through the courts or through the legislature. 

He doesn't express any concern with whether income redistribution would be right or even desirable but only whether it would be better to pursue that goal through the courts or through legislation. 
7:29 am edt 

Sunday, October 26, 2008

Obama's Fundamental Change

Mark Levin writes:

Unlike past Democrat presidential candidates, Obama is a hardened ideologue. He's not interested in playing around the edges. He seeks "fundamental change," i.e., to remake society. And if the Democrats control Congress with super-majorities led by Nancy Pelosi and Harry Reid, he will get much of what he demands.

The question is whether enough Americans understand what's at stake in this election and, if they do, whether they care. Is the allure of a charismatic demagogue so strong that the usually sober American people are willing to risk an Obama presidency? After all, it ensnared Adelman, Kmiec, Powell, Fried, and numerous others. And while America will certainly survive, it will do so, in many respects, as a different place.

3:45 pm edt 

Taxes and Welfare
As Brian Carney writes, the difference between this season's presidential candidates on tax policy has never been wider.  Obama would raise the top tax rates and phase out exemptions for incomes above various levels.  McCain would make permanent the 2001 and 2003 tax cuts.

On a corporate level Obama would eliminate the foreign source income rule, dramatically increasing tax rates on U.S. businesses by subjecting all of their income (even that produced overseas and on which foreign income tax is paid) to a 35% U.S. income tax.

By turning his new slate of income tax credits into government-issued checks Obama no doubt hopes to ingratiate a new generation of Democratic voters, who would never turn against the party that gave them the check.  You can almost hear the argument four years from now: "Remember that check you got?  It was brought to you by the Obama administration."

Buying votes with tax dollars is nothing new, but it hasn't been this blatant in decades.

And what of that tax on U.S. corporations?  Once a U.S. corporation realizes that all of its income will be taxed in the U.S. what reason would the corporation have to stay?  Any corporation with the means to re-incorporate abroad (or relocate operations abroad) would do so.  Obama's plan to increase corporate taxes could have the most devastating long-term damage to the U.S. economy that any tax and spend plan has ever devised.

If you think the U.S. economy hurts now, just imagine how bleak it will be when the engines of the U.S. economy - technology, high-tech manufacturing and financial services - relocate to the U.K., Ireland, Australia and other businss-friendly venues.  The U.S. will start to resemble socialist Sweden, but without the tourism revenue. 
8:39 am edt 

Friday, October 24, 2008

No Free Lunch
Barack Obama cannot possibly hope to pay for his proposed $1.2 Trillion in new spending without major tax hikes, as outlined in today's WSJ.  He will either have to punt his entire spending package or drastically increase taxes.

Unfortunately the media's love affair with Obama has blinded too many to economic reality.  There can be no free lunches but Obama has promised America an unlimited buffet. 
8:21 am edt 

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Jonathan B. Wilson is an Atlanta attorney at the law firm of Taylor English Duma LLP.  Jonathan B. Wilson provides legal advice to investors, companies and business executives involving corporate law, securities law, SEC matters, intellectual property, website and Internet legal issues, start-ups, limited liability companies, partnerships, 1934 Act matters, outsourcing, strategic alliance agreements, contracts, and other matters of importance to growing private and publicly-traded companies.