Barack Obama Wants to Give $700bn, Then Tax Those Same People Hundreds of Billions

I’ve posted this concern of mine in other threads, and the depth of my financial confusion (hey, I very humbly admit it) compels me to do a full post on it.

Senator Barack Obama has come out in support of the $700billion dollar Wall Street bailout plan that was caused by a failing housing market. At the same time, he says he wants to do a bunch of other things if elected, he recognizes they’ll cost hundreds of billions of dollars, and he wants to pay for these things by increasing taxes on the wealthiest 5% of Americans (people who own and run major corporations, employ the rest of us, and do the most investing in the country; anyone making more than $250k a year). I just don’t understand how he wants to give those people and organizations money, then pledges to tax them.

Here are his promises per his DNC nominee acceptance speech:

Change means a tax code that doesn’t reward the lobbyists who wrote it, but the American workers and small businesses who deserve it.

I will stop giving tax breaks to corporations that ship jobs overseas,

and I will start giving them to companies that create good jobs right here in America.

I will eliminate capital-gains taxes for the small businesses and the startups that will create the high-wage, high-tech jobs of tomorrow.

I will cut taxes — cut taxes — for 95 percent of all working families. Because in an economy like this, the last thing we should do is raise taxes on the middle class.

And for the sake of our economy, our security, and the future of our planet, I will set a clear goal as president: In 10 years, we will finally end our dependence on oil from the Middle East.

As president, I will tap our natural gas reserves,

invest in clean coal technology,

and find ways to safely harness nuclear power.

I’ll help our auto companies retool, so that the fuel-efficient cars of the future are built right here in America. I’ll make it easier for the American people to afford these new cars.

And I’ll invest 150 billion dollars over the next decade in affordable, renewable sources of energy — wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and 5 million new jobs that pay well and can’t ever be outsourced.

Now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. Michelle and I are only here tonight because we were given a chance at an education. And I will not settle for an America where some kids don’t have that chance.

I’ll invest in early-childhood education.

I’ll recruit an army of new teachers, and pay them higher salaries and give them more support.

And in exchange, I’ll ask for higher standards and more accountability. And we will keep our promise to every young American — if you commit to serving your community or your country, we will make sure you can afford a college education.

Now is the time to finally keep the promise of affordable, accessible health care for every single American. If you have health care, my plan will lower your premiums.

If you don’t, you’ll be able to get the same kind of coverage that members of Congress give themselves.

And as someone who watched my mother argue with insurance companies while she lay in bed dying of cancer, I will make certain those companies stop discriminating against those who are sick and need care the most.

Now is the time to help families with paid sick days and better family leave, because nobody in America should have to choose between keeping their jobs and caring for a sick child or ailing parent.

Now is the time to change our bankruptcy laws, so that your pensions are protected ahead of CEO bonuses, and the time to protect Social Security for future generations.

And now is the time to keep the promise of equal pay for an equal day’s work, because I want my daughters to have exactly the same opportunities as your sons.

Now, many of these plans will cost money, which is why I’ve laid out how I’ll pay for every dime — by closing corporate loopholes and tax havens that don’t help America grow.

But I will also go through the federal budget, line by line, eliminating programs that no longer work and making the ones we do need work better and cost less — because we cannot meet 21st century challenges with a 20th century bureaucracy.

As commander in chief, I will never hesitate to defend this nation, but I will only send our troops into harm’s way with a clear mission and a sacred commitment to give them the equipment they need in battle and the care and benefits they deserve when they come home.

I will end this war in Iraq responsibly, and finish the fight against al-Qaida and the Taliban in Afghanistan.

I will rebuild our military to meet future conflicts.

But I will also renew the tough, direct diplomacy that can prevent Iran from obtaining nuclear weapons and curb Russian aggression.

I will build new partnerships to defeat the threats of the 21st century: terrorism and nuclear proliferation; poverty and genocide; climate change and disease.

And I will restore our moral standing, so that America is once again that last, best hope for all who are called to the cause of freedom, who long for lives of peace, and who yearn for a better future.

Where’s the money for all this come from? Senator Obama says it comes from taxing the top 5% of American earners/anyone making more than $250k a year.

Who gets the $700billion in the Democrats’ Congress’ bailout bill? I’m guessing, but I think it might be people making more than $250k.

Can someone please explain this duplicity?