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Trivia Tidbit Of The Day: Part 513 - Obama Will Raise Taxes.

Negative Taxes For The Poor, Higher Taxes For Everyone Else-

Obama is better at being all things to all people than just about any politician since perhaps Bill Clinton. He has even tried to outflank McCain on the right, with regard to taxes. 95% of Americans will get tax cuts under his plan, he claims.

The truth is that Obama will raise taxes. Some numbers:

The Tax Foundation estimates that under the Obama plan 63 million Americans, or 44% of all tax filers, would have no income tax liability and most of those would get a check from the IRS each year. The Heritage Foundation's Center for Data Analysis estimates that by 2011, under the Obama plan, an additional 10 million filers would pay zero taxes while cashing checks from the IRS.

The total annual expenditures on refundable "tax credits" would rise over the next 10 years by $647 billion to $1.054 trillion, according to the Tax Policy Center. This means that the tax-credit welfare state would soon cost four times actual cash welfare. By redefining such income payments as "tax credits," the Obama campaign also redefines them away as a tax share of GDP. Presto, the federal tax burden looks much smaller than it really is.

....

Some families with an income of $40,000 could lose up to 40 cents in vanishing credits for every additional dollar earned from working overtime or taking a new job. As public policy, this is contradictory. The tax credits are sold in the name of "making work pay," but in practice they can be a disincentive to working harder, especially if you're a lower-income couple getting raises of $1,000 or $2,000 a year. One mystery -- among many -- of the McCain campaign is why it has allowed Mr. Obama's 95% illusion to go unanswered.

The truth is that Obama wants to "spread the wealth around."

The wrong direction on so many levels.

Previous Trivia Tidbit: Big Government Big Macs.

Posted by Will Franklin · 13 October 2008 05:51 PM

Comments

Posted by: ZsaZsa at October 13, 2008 06:11 PM