Obama’s mouth keeps on giving. Unfortunately, his mouth is writing check his butt can’t cash. The Tickler appeals to all readers, use your brain and show up to vote. We can’t let this guy get into office.
Plumber: “Your new tax plan is going to tax me more, isn’t it.”
Obama: “It’s not that I want to punish your success. I just want to make sure that everybody who is behind ya, that they have a chance for success too. I think that when you spread the wealth around it’s good for everybody.” Obama the crooked imbecile on the stump (see the video here)
From the desk of the Tickler’s wife…
Here are some key takeaways from the WSJ piece on the true nature of Obama’s tax “cuts”:
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 nontaxpayers. 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.
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.