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95% of Americans Will Get a Tax Cut??? Update: The Truth Behind Obama’s so called tax cuts

Posted by rightwinger on October 7, 2008

How can that be when one third of the population does not pay taxes.  Obama’s tax plan doesn’t add up.  It essentially is a massive entitlements program that will increase the percentage of Americans who do not pay taxes.

40% – That is for the percentage of the population doesn’t pay any taxes at all. Under his plan, these folks will get what he considers a tax cut, though you can’t get a tax cut if you pay no taxes. These folks will get a government welfare check. Barack Obama is fond of saying that 95% of the population will get a tax cut. Of course, that isn’t entirely accurate. Five percent of the population will get a tax increase, 55% will get a tax cut, and the other 40% will get a government welfare check. What Barack Obama is really proposing is no different than an expansion of welfare, food stamps, and unemployment insurance. In other words, he is proposing that nearly half the population now become even more dependent on the government to survive. Talk about a disincentive to work. Here is someone making 25k per year. They pay no federal taxes at all, except payroll taxes, and they will get a thousand dollars from the government each and every year. What Barack Obama is proposing is no tax cut but rather a massive expansion of the welfare state.

Read the article for yourself.

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:

There’s another catch: Because Mr. Obama’s tax credits are phased
out as incomes rise, they impose a huge “marginal” tax rate increase on
low-income workers. The marginal tax rate refers to the rate on the
next dollar of income earned. As the nearby chart illustrates, the
marginal rate for millions of low- and middle-income workers would
spike as they earn more income.

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.

Read the article for yourself.

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