Friday, October 17, 2008

Obama's Tax-Cuts Scam

The following graphic says it all:

From this article in the Wall Street Journal:
Obama's 95% Illusion
It depends on what the meaning of 'tax cut' is

One of Barack Obama's most potent campaign claims is that he'll cut taxes for no less than 95% of "working families." He's even promising to cut taxes enough that the government's tax share of GDP will be no more than 18.2% -- which is lower than it is today.

It's a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he's also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of "tax cut."

For the Obama Democrats, a tax cut is no longer letting you keep more of what you earn. In their lexicon, a tax cut includes tens of billions of dollars in government handouts that are disguised by the phrase "tax credit." Mr. Obama is proposing to create or expand no fewer than seven such credits for individuals:...
Read the rest. The Obama tax-cuts plan is a tool for wealth redistribution.

Stogie points out the following:
What Obama's plan would do is to write a check to the millions of Americans who currently pay no taxes at all. For those of us who work for a living, we will pay higher taxes to support this massive transfer of wealth.

Another item in Obama's tax cuts are the tax credits he will provide. All but one of these tax credits are refundable -- the others only work if you have a tax liability. The liability is reduced by the credit, but you don't get it as a refund.
Pity that the Obamamaniacs believe their candidate's promises. Those promises are full of hot air.

(Crossposted from Always On Watch)


thesube said...

I think Americans fully understand what Obama's tax breaks are going to do for them. PUT MORE MONEY IN THEIR POCKETS. The upper 5% will pay more taxes. Trust me the 95% who will get the tax cuts make up this country's highest voting block. This is why your lame attempts to turn people away from voting their pocket books will not work. Small businesses are included in these tax breaks as well. They know the difference between making $250,000 or less means tax breaks for them. A very small percentage of small businesses make more than $250,000 dollars. So stop it.

Always On Watch said...

The Sube,
You want me to stop it? Fat chance. I believe in free speech and do not advocating shutting up anyone else.

I happen to be one of those small-business owners.

I'm not voting my pocketbook because Obama is advocating socialism (income redistribution) and outright communism (wealth redistribution).

Voting one's pocketbook morphs into voting entitlements. Much more is at stake in this election than how to vote so as to benefit one's pocketbook.

I also suggest that you read the entire WSJ article. There is much more information there than in the excerpt I provided.

Thanks for stopping by and exercising your right to free speech. Really - no sarcasm intended or implied.

BobsBlitz.com said...

Now Barack's campaign slips up again...


Always On Watch said...

That's hilarious.