October 13, 2008 9:09 PM
Wall Street Journal: Obama tax plan based on illusion
Thanks to the Wall Street Journal for a glimpse behind the Wizard's curtain to verify what you instinctively probably sensed about Obama's generous talk about "tax cuts.
Keep in mind, this is not a right wing talk show host or blogger speaking, but the Wall Street Journal's analysis:
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 entire article here.
Please share this with your friends and family. People really have to understand what they are voting for. Whether they know it or not, Obama supporters are not just voting for a man, but for the greatest advance toward socialism ever seen in this country.
Posted in Campaign 2008 | Permalink
Comments
I saw this yesterday and was so glad to read a clear, concise, analysis of Obama's tax plan. I knew his claims that 95% would see no tax increase were deceptive but hadn't seen the details to know why. It's amazing to me that liberals still refute Reaganomics as failed when the proof was in the results. I started my career as an accountant just after the 1981 tax reform act went into effect. It's impact on businesses and then individuals was astounding, especially when we remember what a mess the economy was in when he took office.
I saw two different economic analysts on Fox yesterday who both said clearly that if Obama is elected, the stock market will continue to fall because those with capital know his economic plans will be disastrous.
Posted by: Sandy C. | October 14, 2008 9:20 AM
Thanks for posting this link, Barbara! I've sent it to almost everyone I know.
Posted by: Kristina | October 14, 2008 10:31 AM
