Obama's tax cuts revealed

[ericire12]

http://hotair.com/archives/2008/10/13/obama-plan-tax-cuts-or-demogrants/

One of Barack Obama’s most potent campaign claims is that he’ll cut taxes for no less than 95% of “working families.” He’s even promising to cut taxes enough that the government’s tax share of GDP will be no more than 18.2% — which is lower than it is today.

It’s a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he’s also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of “tax cut.”

For the Obama Democrats, a tax cut is no longer letting you keep more of what you earn. In their lexicon, a tax cut includes tens of billions of dollars in government handouts that are disguised by the phrase “tax credit.” Mr. Obama is proposing to create or expand no fewer than seven such credits for individuals

Six of the seven listed in the Obama plan are these “refundables”, money people get from the federal government even if they pay no taxes at all.  These are not “tax cuts” but instead welfare grants based on specific social policy.  It’s blatant redistributionism, as the money comes from tax increases on the wealthy.

I would also like to note, that during the last town hall McCain pointed out that Obama also promised deep tax cuts when he ran for the Illinois Senate and not once proposed such legislation after being elected..... Sadly this fell on deaf ears and has not been covered by any media outlet, and McCain has dropped the ball by not continuing to bring this point to the forefront of his campaign.