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Obama’s Tax Cuts Nonsense, Experts Say

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The Wall Street Journal posted a piece by the sage staff on the implications of the Oblivious Obama tax cuts.

Now we know: 95% of Americans will get a “tax cut” under Barack Obama after all. Those on the receiving end of a check will include the estimated 44% of Americans who will owe no federal income taxes under his plan.

In most parts of America, getting money back on taxes you haven’t paid sounds a lot like welfare. Ah, say the Obama people, you forget: Even those who pay no income taxes pay payroll taxes for Social Security. Under the Obama plan, they say, these Americans would get an income tax credit up to $500 based on what they are paying into Social Security.

Just two little questions: If people are going to get a tax refund based on what they pay into Social Security, then we’re not really talking about income tax relief, are we? And if what we’re really talking about is payroll tax relief, doesn’t that mean billions of dollars in lost revenue for a Social Security trust fund that is already badly underfinanced?

READ THE FULL ARTICLE TO SEE THE ANSWERS…

“It’s interesting that Mr. Obama calls his plan ‘Making Work Pay,'” says Mr. Biggs, “because the incentives are just the opposite. By expanding benefits for people whose benefits exceed their taxes, you’re increasing their disincentive for work. And you’re doing the same at the top of the income scale, where you are raising their taxes so you can distribute the revenue to others.”

Even more interesting is what Mr. Obama’s “tax cuts” do to Social Security financing. As Mr. Biggs notes, had Mr. Obama proposed to pay for payroll tax relief out of, well, payroll taxes, his plan would never have a chance in Congress. Most members would look at a plan that defunded a trust fund that seniors are counting on for their retirement as political suicide.

And that leads us to the heart of this problem. If the government is going to give tax cuts to 44% of American based on their Social Security taxes — without actually refunding to them the money they are paying into Social Security — Mr. Obama will have to get the funds elsewhere. And this is where “general revenues” turns out to be a more agreeable way of saying “Other People’s Money.”

Yep. It’s just that easy to fool a majority of the American people. Repeat a slogan (95%) long enough and trust they won’t look into it, and the press won’t cover it. Obama’s play them like a fiddle.

FT: Most Americans Do Better with McCain Tax Plan

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The Financial Times posted a piece comparing the McCain and Obama tax plans in a clearer and more concise way, called “McCain is no salesman on tax proposals”. Here are some highlights…

So much has gone wrong for John McCain that it is surprising he is not further behind in the polls. He has been a victim of circumstances and his own bad judgment. Some of his errors, however, are more perplexing than others. How is it, for example, that Mr McCain has been so thoroughly outmanoeuvred on tax policy?

Both candidates have offered complex tax proposals. Proliferating alternative baselines (with or without the extension of the Bush tax cuts, with or without a “patch” for the alternative minimum tax, and so forth) deepen the confusion. Unable to fathom the details, voters are left to weigh the competing slogans. Mr Obama promises to cut taxes for 95 per cent of working families. Mr McCain says the rich need a tax cut, too. Guess who wins that argument.

Here is a fact you might not have noticed. It certainly seems to have slipped by most Americans. The typical US household would get a bigger tax cut under Mr McCain’s proposals than under Mr Obama’s. I know a few politicians who could do something with that…

Mr McCain wants to abolish the tax-break for employer-provided healthcare and replace it with a refundable $5,000 credit. Mr Obama says that a family health plan might cost $12,000 a year – leaving families who buy their own policy $7,000 worse off. This is incorrect. So far as I know, Mr McCain has never taken the trouble to explain why.

Suppose a family currently has a $12,000 policy provided by an employer. Under the McCain proposal, instead of attracting relief as at present, this benefit would be taxed as ordinary employment income – but the extra tax paid would be more than offset by the new $5,000 credit. In the first analysis, nothing changes so far as employers are concerned: all the action is on the employee’s pay cheque. The policy delivers a net tax cut to middle-income households and is enough to make the McCain tax plan on average a better overall deal for them than the Obama plan…

As well as failing to drive this home, Mr McCain has only weakly resisted his opponent’s notion that “wealthy companies” can afford to pay more. Business taxes, in the end, are paid by people – in lower wages, higher prices and lower dividends in their 401k plans. The point is not just that US corporate taxes are high by international standards and that this discourages investment and employment but that the burden eventually falls on ordinary Americans. Perhaps Mr McCain’s recent emphasis on corporate greed makes it difficult for him to point this out.

When Mr McCain misrepresents Mr Obama, he cannot even do it plausibly. Mr Obama is indeed planning to cut taxes for 95 per cent of working families. Rather than saying, “No he isn’t”, Mr McCain could have said: “Look at what his changes do to marginal tax rates, at the bottom of the income scale (as benefits are phased out), as well as at the top.” Rather than saying, “He wants to raise your taxes,” he could have said, “His spending plans will force him to raise your taxes.”

Critical reading…READ IT HERE

Obama’s Illegal Donations

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Newsmax has a piece on Obama’s mysterious donors and lots of shady dealing…

By Obama’s own admission, more than half of his contributions have come from small donors giving $200 or less. But unlike John McCain’s campaign, Obama won’t release the names of these donors.

A Newsmax canvass of disclosed Obama campaign donors shows worrisome anomalies, including outright violations of federal election laws…

And more than 37,000 Obama donations appear to be conversions of foreign currency.

According to a Newsmax analysis of the Obama campaign data before the latest figures were released, potential foreign currency donations could range anywhere from $12.8 million to a stunning $63 million in all. With the addition of $150 million raised in September, this amount could be much more…

Ronald J. Sharpe Jr., a retired teacher from Rockledge, Fla., appears in the Obama campaign reports as having given a whopping $13,800.

The campaign reported that it returned $4,600 to him, making his net contribution of $9,200 still way over the legal limit.

But there’s one problem with the Obama data: Sharpe doesn’t remember giving that much money to the Obama campaign in the first place, nor does he recall anyone from the campaign ever contacting him to return money.

“At the end, I was making monthly payments,” he told Newsmax. The Obama campaign records do not show any such payments.

John Atkinson, an insurance agent in Burr Ridge, Ill., refused to discuss his contributions, which totaled $8,724.26, before numerous refunds.

Atkinson and others gave in odd amounts: $188.67, $1,542.06, $876.09, $388.67, $282.20, $195.66, $118.15, and one rounded contribution of $2,300.

Sandra Daneshinia, a self-employed caregiver from Los Angeles, made 36 separate contributions, totaling $7,051.12, according to FEC records. Thirteen of them were eventually refunded.

In a bizarre coincidence, those 13 refunded contributions — for varying amounts such as $223.88 and $201.44 — added up exactly to $2,300, the amount an individual may give per federal election…

In all, Newsmax found an astonishing 37,265 unique donors to the Obama campaign whose contributions were not rounded up to dollar amounts. That amounts to more than 10 percent of the total number of unique donors whose names have been disclosed by the Obama campaign to the public.

Of those, 44,410 contributions came in unrounded amounts of less than $100. FEC regulations only require that campaigns disclose the names of donors who have given a total of $200 or more, so that means that all these contributors were repeat donors…

But the campaign has never produced any accounting for proceeds from its online store, which virtually shut down several weeks ago after Newsmax and news organizations revealed that Palestinians from the Gaza Strip and other foreigners had made large purchases there.

The Republican National Committee has filed a complaint against the Obama campaign for “accepting prohibited contributions from foreign nationals and excessive contributions from individuals,” which incorporated reporting from Newsmax and other news organizations.

The Obama camp claims to have 2.5 million donors in all. But until now, they have kept secret the names of the overwhelming majority of these money-givers. According to a Newsmax analysis, the Obama campaign finance records contain just 370,448 unique names.

Even accounting for common names such as Robert Taylor or Michael Brown, which can signify multiple donors, Obama’s publicly known donor base is less than 20 percent of the total number of donors the campaign claims to have attracted. But the identity of the other 2 million donors is being kept secret.

As of the end of August, those secret donors have given an incredible $222.7 million to Obama, according to the FEC — money whose origin remains unknown to anyone other than Obama’s finance team, who won’t take calls from the press.

While no exact figures are available, if the same percentage of potential foreign contributions found in the itemized contribution data is applied to the total $426.9 million the Obama camp says it has taken in from individuals, this could mean that Obama is financing his presidential campaign with anywhere from $13 million to a whopping $63 million from overseas credit cards or foreign currency purchases.

The sum of all unrounded contributions in the itemized FEC filings for the Obama campaigns comes to $6,437,066.07. That is the actual amount of money that appears to have been charged to foreign credit cards that the Obama campaign has disclosed.

If the same ratio applies to the unitemized contributions, which are again as large, then the Obama campaign may have taken as much as $13 million from foreign donors.

However, the donors who made those unrounded contributions gave a total of $31,484,584.27, meaning that as much as $63 million may have come from questionable sources.

Both presidential campaigns are required to submit detailed fundraising reports for September on Monday.

READ THE ARTICLE HERE

That’s the way Democrats play elections and policy, completely without moral character. And Obama wonders why there are character attacks.

GET OUT THE VOTE!

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We conservatives need to get out the vote now more than ever. Much like the Democrats encourage each other, with the motivation and intention to skew the election results away from the stance of the population, rather than any interest they claim to have in providing fairness and true representation of the country’s views. They know this with total clarity and have combined to that end with great sinister cooperation.

We need to spread the word far and wide that in every town, in every county, in every state (even the liberal ones) we need to make our voices heard and our votes counted. It’s easy and doesn’t take much time, and even if it did freedom isn’t free and being busy is no excuse.

First, vote yourself. No matter how much you’re certain of the positive or negative outcome regardless of your vote, you need to be counted or you can’t complain about the result. Second, spread the word to your conservative family, friends, and neighbors. Press them with reason that voting is the only way to bring about change since we’re not quite yet to a point where we need a coup.

It’s common knowledge that when we conservatives vote, we win. We’re always the majority in common sense, charity, and altruistic (largely Christian) effort to truly lift the less fortunate from the chains the Democrats have forged around their necks.

We’re the majority of the country’s population for heaven’s sake!

But unfortunately, we’re far behind in activism and “community organization” and representation in the media. This is likely due to the fact that we’re busy working on the American Dream, with little time for protesting outside corporations all day with signs and slogans (where do they get the time?) Our singlular focus on getting a piece of the pie must change, until the country changes and we can all go back to focusing on our pursuit of happiness and prosperity.

We must gain a greater awareness of the state of the nation. Our inaction is causing a shift in power as the Democrats register and hype those over which they preside as masters and keepers. Our inaction leads to the persistence of the programs and policies we so often decry. Our inaction will keep the country in the depth of recession and depression. Will it be another 50 years like the Democrats and closet-Socialists gave us? It’s up to us.

Democrat policies and the communities the left organizes are the source of our financial crisis. This kind of policy, enforced by the same guilty parties, will never lead to a better outcome. They need to be removed from office and their policies discontinued.

Vote and help those around you to vote. Plan a carpool for election day, make reminder calls, take the time to persuade and befriend those you know are conservative and remind them of the urgency of the emergency in this country. We are on the verge of an all Democrat government siege. That kind of crisis is actually far more dangerous, and in more widespread and moral ways, than the current mortgage crisis. There’s no doubt about it.

Please be sure to vote and open your mouth. The liberals around you will try to suppress you, as that is the only way they will win. But stand for your values. Again, please be sure to vote and open your mouth.

Video: Escaped The Plantation, Voting McCain

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Perhaps the best speech given during this entire campaign cycle.

The O-Team
More genius by ZO. See more great clips here

Ayers-Style: Anti-Capitalist Education Reform

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A Manhattan Institute Fellow, Sol Stern, has written a piece about William Ayers and his “education reform” really means to the American education system…

I’ve studied Mr. Ayers’s work for years and read most of his books. His hatred of America is as virulent as when he planted a bomb at the Pentagon. And this hatred informs his educational “reform” efforts. Of course, Mr. Obama isn’t going to appoint him to run the education department. But the media mainstreaming of a figure like Mr. Ayers could have terrible consequences for the country’s politics and public schools…

Mr. Ayers was hired by the Chicago public schools to train teachers, and played a leading role in the $160 million Annenberg Challenge grant that distributed funds to a host of so-called school-reform projects, including some social-justice themed schools and schools organized by Acorn. Barack Obama became the first chairman of the board of the Chicago Annenberg Challenge organization in 1995…

In fact, as one of the leaders of a movement for bringing radical social-justice teaching into our public school classrooms, Mr. Ayers is not a school reformer. He is a school destroyer.

He still hopes for a revolutionary upheaval that will finally bring down American capitalism and imperialism, but this time around Mr. Ayers sows the seeds of resistance and rebellion in America’s future teachers. Thus, education students signing up for a course Mr. Ayers teaches at UIC, “On Urban Education,” can read these exhortations from the course description: “Homelessness, crime, racism, oppression — we have the resources and knowledge to fight and overcome these things. We need to look beyond our isolated situations, to define our problems globally. We cannot be child advocates . . . in Chicago or New York and ignore the web that links us with the children of India or Palestine.”

This kind of unrepentant terrorist needs to be ejected from the education system before he causes major damage.

In the world of the Ed schools, Mr. Ayers’s movement has established a sizeable beachhead — witness his election earlier this year as vice president for curriculum of the American Education Research Association, the nation’s largest organization of education professors and researchers.

If Barack Obama wins on Nov. 4, the “guy in the neighborhood” is not likely to get an invitation to the Lincoln bedroom. But with the Democrats controlling all three branches of government, there’s a real danger that Mr. Ayers’s social-justice movement in the schools will get even more room to maneuver and grow.

Horrifying.

“Just Bad Luck? All of Obama’s People Hate America…”

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Glenn Beck’s got a hilarious piece on the bad luck Obama’s had in being surrounded by those who hate, or at the very least aren’t proud of America.

Then Barack is like, “Hey, I want to be a state senator. Where should I have it? I mean, I could launch it from a park, you know, I could go to like a cool podium some place, maybe I can go to Pizza Hut. Where could I possibly — and somebody says, hey, I know, you can go do it at my house. And he’s like, really? Now, you would think to yourself, well, that’s lucky. And I’m sure that’s what Barack Obama was thinking, “I don’t know if I have a place to do it, I don’t know if I can get a park and a podium, I don’t know if I can get into Pizza Hut and we’ll have room for all the cameras. And this guy seems to have a big house. I mean, I don’t know him, we live in the same neighborhood but we don’t really talk.” Okay, so he launches at his house, and it’s this beautiful house. Turns out — ready for this one? Turns out the guy is a home grown terrorist.

Check it out…

Obama Votes Present on Fannie/Freddie

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Again, the WSJ is on the ball today…

If Sen. Obama were truly looking for a kind of deregulation that might be responsible for the current financial crisis, he need only look back to 1998, when the Clinton administration ruled that Fannie Mae and Freddie Mac could satisfy their affordable housing obligations by purchasing subprime mortgages. This ultimately made it possible for Fannie and Freddie to add a trillion dollars in junk loans to their balance sheets. This led to their own collapse, and to the development of a market in these mortgages that is the source of the financial crisis we are wrestling with today.

Finally, on the matter of deregulation and the financial crisis, Sen. Obama should consider his own complicity in the failure of Congress to adopt legislation that might have prevented the subprime meltdown.

In the summer of 2005, a bill emerged from the Senate Banking Committee that considerably tightened regulations on Fannie and Freddie, including controls over their capital and their ability to hold portfolios of mortgages or mortgage-backed securities. All the Republicans voted for the bill in committee; all the Democrats voted against it. To get the bill to a vote in the Senate, a few Democratic votes were necessary to limit debate. This was a time for the leadership Sen. Obama says he can offer, but neither he nor any other Democrat stepped forward.

Instead, by his own account, Mr. Obama wrote a letter to the Treasury Secretary, allegedly putting himself on record that subprime loans were dangerous and had to be dealt with. This is revealing; if true, it indicates Sen. Obama knew there was a problem with subprime lending — but was unwilling to confront his own party by pressing for legislation to control it. As a demonstration of character and leadership capacity, it bears a strong resemblance to something else in Sen. Obama’s past: voting present.

READ IT HERE

Why Do Our Taxes Go To ACORN?

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You might ask, as I did when I found out the Democrat shell company ACORN is federally funded, why this is the case. A Wall Street Journal piece today lays out some detail we didn’t know, and now we feel like being militant ourselves.

“But the organization’s real genius is getting American taxpayers to foot the bill. According to a 2006 report from the Employment Policies Institute (EPI), Acorn has been on the federal take since 1977. For instance, Acorn’s American Institute for Social Justice claimed $240,000 in tax money between fiscal years 2002 and 2003. Its American Environmental Justice Project received 100% of its revenue from government grants in the same years. EPI estimates the Acorn Housing Corporation alone received some $16 million in federal dollars from 1997-2007. Only recently, Democrats tried and failed to stuff an “affordable housing” provision into the $700 billion bank rescue package that would have let politicians give even more to Acorn.

All this money gives Acorn the ability to pursue its other great hobby: electing liberals. Acorn is spending $16 million this year to register new Democrats and is already boasting it has put 1.3 million new voters on the rolls. The big question is how many of these registrations are real.”

READ THE ARTICLE