Sunday, October 19, 2008

Exposing Obama's tax cut Lie

This guy did some digging and got non-straight talk from the Obama campaign on the "We are going to cut taxes for 95 percent of Americans" lie.

The Wall Street Journal exposed the tax cut illusion. In Obama's plan, payments for low income families are called a 'tax cut', the most creative and dishonest mis-naming of expanding welfare payments ever. The real story is this: Obama's plan massively increases the welfare state an called those payments to people a 'tax cut'! "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." Even worse, marginal tax rates on middle-class Americans are going up!

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.

UPDATE: Clinton talking up his “middle class tax cuts” (that was an infamous broken promise) in a 1992 debate that is eerily similiar to today:


McCain calls it SOCIALISM and attacks Obama's phony 'tax cut' as a welfare redistribution scheme administered by the IRA. Finally, we are getting some light shed on this matter.

1 comment:

Anonymous said...

Don't substantially less than 95% of individuals pay federal income tax now? The percent actually paying federal income tax is closer to 70%.