This video below is back in the day (September ’08) when Obama was giving a tax cut to 95% of Americans. Well, mathematically, that was an impossibility because 95% of Americans do not pay taxes…so, the verbiage has now changed to 95% of working Americans. The Wall Street Journal in today’s 95% Illusion, says it this way:
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:
Surely, as a Democrat, this cannot make you feel proud. Tell me, Americans, that you want no part of being a Demogrant. Six of Obama’s welfare payments, actually do come back in the form of an income transfer – from taxpayers to non-taxpayers.
Here’s the political catch. All but the clean car credit would be “refundable,” which is Washington-speak for the fact that you can receive these checks even if you have no income-tax liability. In other words, they are an income transfer — a federal check — from taxpayers to non-taxpayers. Once upon a time we called this “welfare,” or in George McGovern’s 1972 campaign a “Demogrant.” Mr. Obama’s genius is to call it a tax cut.
Read the 6 welfare credits that a vote for Obama will bring.
Again, surely as a Democrat, this does not make you proud.
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.
If you think our infrastructure is bad now, as Senator Obama clearly does, there will be NO MONEY for infrastructure by 2011, at the latest.
If you are moderately successful in your life, if you have dreams and schemes of rising through the ranks, owning your own business or being an important part of someone else’s business, view this video again.
We will all be worse off under Senator Obama’s tax plan, for a variety of reasons, including the fact small businesses that can no longer hire, give raises or pay benefits:
View the video at YouTube.com