Obama's 95% Illusion: It depends on what the meaning of 'tax cut' is | WSJ Online
HT - Cutting taxes for 95% of Americans | Betsy's Page
HT - Election links - Maggie's Farm
More wealth redistribution coming with a BO win ... 56% of all tax filers would support most of the other 44%! See here too!
All taxes are wealth redistribution by their very nature; money we send to any government entity is a tax, no matter what they call it!Here's the political catch. All but the clean car credit would be "refundable," which is Washington-speak for the fact that you can receive these checks even if you have no income-tax liability. In other words, they are an income transfer -- a federal check -- from taxpayers to nontaxpayers.This is classic socialism (aka Communism of the 30s to 60s before the poison was relabeled); it will, like all entitlement programs, be a disincentive to honest work.
Once upon a time we called this "welfare," or in George McGovern's 1972 campaign a "Demogrant." Mr. Obama's genius is to call it a tax cut. [...]
Because Mr. Obama's tax credits are phased out as incomes rise, they impose a huge "marginal" tax rate increase on low-income workers. [...]
The tax credits are sold in the name of "making work pay," but in practice they can be a disincentive to working harder, especially if you're a lower-income couple getting raises of $1,000 or $2,000 a year. [WSJ]