Only 40% of Americans pay taxes at all.
In 1992 a young Democrat campaigned on promising a broad middle class tax cut. He immediately instituted the largest middle class tax hike in U.S. history. The same is true for Obama. He has no true intention of cutting taxes on the middle class. His promises create huge increases in the budget deficit, which his tax hikes don’t even remotely cover. The implication is that he will have to raise taxes more than he is saying.
The first statement is patently impossible since 40% of Americans don’t pay any federal income taxes already. It is IMPOSSIBLE to cut taxes on any more than 60 percent of the population even if the tax rates were cut across the board.
CNN lie? Never(chortle, snort)
I don’t know the numbers, cut the Clinton tax increase on the rich hit the middle class as well. In the fine print of these “tax cuts” are phased out deductions, higher means tests to qualify for deductions, etc that end up costing the middle class more, not less.
The bottom line is this pinko can’t pay for all his socialist garbage policies without raising taxes through the roof. He can sit there and say he’s going to raise taxes on only small businesses and corporations but those costs get passed right back to consumers and business owners will cut jobs. Its been proven time and time again that no group of “rich” people can ever support the rest of a nation. Eventually, the middle class takes the brunt of everything. Someone should ask him how he plans for pay for the following, by simply rolling back the Bush tax cuts for the “rich.”
Among his proposed “investments”:
• “Universal,” “guaranteed” health care.
• “Free” college tuition.
• “Universal national service” (a la Havana).
• “Universal 401(k)s” (in which the government would match contributions made by “low- and moderate-income families”).
• “Free” job training (even for criminals).
• “Wage insurance” (to supplement dislocated union workers’ old income levels).
• “Free” child care and “universal” preschool.
• More subsidized public housing.
• A fatter earned income tax credit for “working poor.”
• And even a Global Poverty Act that amounts to a Marshall Plan for the Third World, first and foremost Africa.
Rescinding the Bush tax cuts will raise taxes above the $500 tax credit resulting in a net tax increase on people making as little as $42,000 a year. The Bush tax cuts lowered tax rates FOR ALL TAXPAYERS!
You just have to think of it in terms of positive and negative numbers.
If you pay no taxes, and get back $500, and you get another *tax cut* under an Obama administration, then you'll get back $1000 instead.
Aren't tax cuts great? They're like free money!
I believe he first plans to let the “Bush” tax cuts expire. That will increase the capital gains tax rate and eliminate the $1,000 per child tax credit. Since I have three kids, that will immediately increase my taxes. Then he will put in place his own (much smaller) tax credits that are “refundable” and thus available to those 40% who pay no taxes. That’s how he gets the 95% figure. The result will be a tax increase for many families who currently pay taxes. It’s a wealth transfer scheme and should appeal to the welfare masses.
0bama’s #1 plan on taxes is the cancel the Bush tax CUTs. He’s hell bent on taking that away from us. Technically he isn’t RAISING taxes, as in the tax RATE (so he claims), he’s just undoing the huge tax cuts we all got.....which will raise taxes incredibly on working people. Thousands of dollars more we’ll have to pay each year. THAT is the truth of it. He says he’s only raising taxes (as in the rate) on the rich ($250K+). So really, he’s going to raise the tax rate on the “rich” and just make the rest of us pay more than we’ve ever paid before. Plus he wants to do a welfare program for those who do NOT pay taxes! He wants to do tax CREDITS to people who don’t pay taxes! So these people who don’t work and shouldn’t need to even file a return, he wants them to file a return showing they don’t need to pay taxes, but that they qualify for a refund ANYWAY. Rich pay higher rates, working class pay more, the bums get welfare. THAT is 0bama’s tax plan in a nutshell.
Results: Between the credit crisis, bankruptcies, billion dollar buyouts and billion dollar buyouts, the economy has emerged as issue No. 1 in the presidential race. Which candidate do you think will do the best job reviving the U.S. economy?
Poll Results:
John McCain (R) - 66.9%
Barack Obama (D) - 22.2%
Bob Barr (L) - 1.3%
None of the Above - 9.7%
Total Responses -
528
Thank you for your post, MrChips, I'd like to have simple refutation as well. I'm no economist either, it seems to me that this *cut taxes* stuff from Obama is the same type of double-talk we got for years about *massive cuts* in government programs that, once the magic of baseline budgeting was uncovered, turned out to be reductions in proposed increases, no real minus at all.
A one-time credit of $500 is hardly a "tax cut" -- as you point out, no rate reduction. It is merely an offset of federal dollars to me. And no offset to those who fall below the taxable income line anyway, those dollars just become an offset to payroll or SS tax.
As to Obama's claim that "95% of Americans would get a tax cut under my plan," I just heard a gentleman on FOX this morning point out that only 70% of Americans pay income tax in the first place, so ... again, the offset to payroll, not a tax cut on income tax, since that remaining 25% don't pay it, presumably don't file a return.
Are we hearing this stuff right? In simple terms, FRiends, is there not some easy math way of countering the argument?
Some explanations by economists and pundits are difficult, but both Williams and Sowell present complex concepts in simple terms, which is a gift.
An example can be found here.
Barrack Obama has 94 recorded votes on taxes. Every time, Obama either voted in favor of raising taxes or against tax cuts. He has NEVER voted to reduce our tax burdens. As often the case with THE ONE, the reality of his voting record does not correspond with his rhetoric.
Here is the scheme: The lower-income tax return filers will be paid something like an extended income compensation, the funds to be taken from the FICA taxes paid in by your employer toward the Social Security “fund”.
The effect is to milk the Social Security fund even faster than it is now being emptied, but on the short term, nobody will notice.
The high-income earners, the bulk of whom are small businessmen and women, pay the higher tax rates, but in return, they let go the lower-end employees and eliminate those jobs, in an effort to cut their own costs, in order to pay the higher tax rate. With skillful management of cash flow that may be declared on the income tax return as “adjusted net income”, but enough so the “alternative minimum tax” does not kick in, the business emerges as a lean, mean cash machine, carrying a smaller payroll, actually returning less to the Treasury than simply cutting the tax rate to begin with.
The tax consultant remains fully employed, however.
BO has said that he would repeal the Bush tax cuts, that would raise my taxes - and I do not make over $250,000.
I do invest some money, so raising capital gains taxes would raise my overall taxes.
He would raise taxes on companies and those making over $250,000 - that would cause businesses to leave the U.S. or to compensate for the increased tax imposed on them, they would raise prices on me and my paycheck shrinks some more since I could not buy as much due to higher prices.
BO has said that he would repeal the Bush tax cuts, that would raise my taxes - and I do not make over $250,000.
I do invest some money, so raising capital gains taxes would raise my overall taxes.
He would raise taxes on companies and those making over $250,000 - that would cause businesses to leave the U.S. or to compensate for the increased tax imposed on them, they would raise prices on me and my paycheck shrinks some more since I could not buy as much due to higher prices.