Tuesday, October 21, 2008
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Obama's Magic Tax Cuts
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Posted by:
Amanda Carpenter at
7:24 AM
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The Wall Street Journal has good information about Barack Obama's magical tax cut for 95 percent of Americans today.
Shorter version: Barack Obama has promised an income tax cut for 95 percent of Americans, but 44 percent of Americans don't pay income tax. So, the WSJ has noted in previous editorials that the "tax cut" is nothing but a direct cash transfer to those 44 percent who don't pay anything into the system. You can't get a "tax cut" if you don't pay taxes. But the Obama econ team says no, no, no. We're not giving them a tax cut on payroll taxes, we want to refund the tax money they pay on Social Security since all Americans pay that. Then the WSJ asks, "Well, won't that deprive money from the underfunded Social Security trust fund that's set to run out of money in the year 2041?" Obama says they aren't going to pay the Social Security tax cut from Social Security money. It's going to come from general revenue. General revenues are otherwise known as "Other People's Money."
If I have this straight, this means that Social Security would become an even bigger fraud under an Obama Administration. Those 44 percent of Americans won't pay any income taxes, won't pay any Social Security taxes, but get all the benefits of Social Security and every other program at the expense of the "rich" who will have to make up for what they're not paying in. The "rich" will essentially be paying for everyone else's tax bill AND retirement. They "poor" get a pass on taxes and get checks for Social Security. They win coming and going. I didn't think it was possible, but Obama would make Social Security even more of scam than it already is.
Obama's dancing through a lot of hoops to make sure his wealth-spreading tax plan doesn't sound like socialism. Now you know how to see through it. Here's the longer, more well-written version of the piece if you're interested.
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