Thursday, October 16, 2008

Obama's "Tax Cuts" are really Tax Increases

The Wall Street Journal has an excellent expose of Obama's phony "tax cut" plan. His plan will increase taxes on everyone, not lower them. See the dark blue graph line to the left: that's Obama's proposed new tax rates. Existing tax rates are shown in light blue and substantially beneath Obama's planned tax increases.

What Obama's plan would do is to write a check to the millions of Americans who currently pay no taxes at all. For those of us who work for a living, we will pay higher taxes to support this massive transfer of wealth.

Another item in Obama's tax cuts are the tax credits he will provide. All but one of these tax credits are refundable -- the others only work if you have a tax liability. The liability is reduced by the credit, but you don't get it as a refund.

Read it all here.

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