#1 Obama's Tax Plan Is Really a Welfare Plan08-19-2008, 07:06 AM
Obama's Tax Plan
Is Really a Welfare Plan
By PETER FERRARA
August 19, 2008; Page A17
Barack Obama's tax plan is the opposite of supply-side economics. He proposes to raise marginal rates for just about every federal tax. He also proposes a raft of tax credits that taxpayers can receive if they engage in various government-specified activities.
Moreover, the tax credits would mostly go to those who pay little or nothing in federal income taxes. His trick is to make the tax credits "refundable." Thus, if the tax credit is for $1,000, but the taxpayer would otherwise only pay $200 in taxes, the government would write a check to the taxpayer for $800. If the taxpayer pays nothing in federal income taxes, the government would pay him the whole $1,000.
Such credits are not tax cuts. Indeed, they should be called The New Tax Welfare. In effect, Mr. Obama is proposing to create or expand a slew of government spending programs that are disguised as tax credits. The spending on these programs is then subtracted from the total tax burden, in order to make the claim that his tax plan is a net tax cut overall.
On the tax side of the ledger, the details released by his campaign last week confirm what a President Obama has in mind for our most productive citizens. The top individual income tax rate, for example, would be increased by 13%, to 39.6%; the next-highest rate would be raised to 36%. The top rates on capital gains and dividends would rise by a third, to 20%.“Some day you will be old enough to start reading fairy tales again.”
― C.S. Lewis
08-19-2008, 04:27 PM
This was a great article in the WSJ today. It is a shame the only people that will see it are WSJ readers, who most likely are McCain supporters anyway.
Obama is a downright con artist. He is a liar and a fraud. He is calling a program that gives handouts to people who pay NO TAX as a "tax cut". If you dont pay tax, and now you get more free money, that is not a tax cut. You cant cut the taxes of people who dont pay tax. You can give them handouts in the form of federal welfare, and that is exactly what this is.
But the majority of Americans are too blind and too stupid to see what is going on here. Combine that with the Liberal plan to create a tax plan that gives handouts to the majority of Americans (in other words, "buy their votes) and our Economy is doomed.
Be prepared for a mass exodus of wealth if BO is elected. I already have Owl's attorneys working on a tax shelter for my assets. And I am sure not the only one.**** Obama and **** you too.
08-19-2008, 04:41 PM
Exposing Obama’s tripe is how McCain can achieve a landslide.
Keep the message short and sweet and expose his economics and how it will be paid for, then ask the American Taxpayer if he’s willing to carry even a heavier burden. What Obama is counting on, and you all know this in your gut, is telling the voters that he’ll shut our operations down in the Middle East and that will pay for all his love fest expenses. Even a semi-logical person can see, on the face of it, that our involvement over there will take at least a decade to extract ourselves from - if ever.
This lie needs to be exposed - now - not later.At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
08-19-2008, 07:29 PM
All tax plans are welfare plans.
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