What would otherwise seem like another Obamessiah miracle -- surprise! -- really isn't. Rather, Barack has simply redefined the meaning of "tax cut." He's counting refundable "tax credits" -- that is, government handouts -- as "tax cuts," and planning to subsidize them by sharp income tax increases on "the wealthy." As the Journal explains:
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.
Obama's "tax cuts" have nothing to do with letting people who earn money through their own hard work or talents keep more of it. Rather, it's about punishing the people who create jobs, and allowing the government to redistribute income to make all of us more "equal." Well, at least more equally dependent on the government.
If you think the problem with America is that not enough of us count on the government to do enough for us, you should love Barack's 95% illusion.
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