Update: “Obama Tells a Tax-Burdened Plumber That the Plan Is to ‘Spread the Wealth Around’”
Obama tells a future Comrade that his pie is about to be raided.
All for the Glorious Cause, Comrades! All for the Glorious Cause!
The rest of you will be paying more.
The Fair Housing Act and Community Reinvestment Act have already found a way to redistribute your income and tax money by ensuring by force that home loans went to people with virtually no ability to pay at all, bringing Fannie Mae down and subsequently Wall Street. This move also sucked down any investments you made through sacrifice and personal responsibility. But when it comes to Barack Obama, personal responsibility, paying your own mortgage and bills and making sacrifices to save and shore up against your own future is not a respectable way to live.
Under Barack Obama’s “Plan” you are truly screwed if you are working at taking responsibility for your own behaviors. His “tax cut” plan is the next leg to killing the middle class, while he pretends he cares so much for them. His tax cut has nothing whatsoever to do with middle class “working families” and everything to do with expanding the welfare state and redistributing the income of those same “working families”. “Working families” are already paying to bail out Fannie Mae’s redistribution of assets to Non Working Families. Now comes the next forced step for you involuntary Comrades.
No wonder every previously dead Anti-American party in our country is feeling refreshed. Obama’s plan for “tax credits” is more Socialist talk for transferring of money from taxpayers to non-taxpayers.
Like good little socialists, you will work and then you will share your money with people who don’t earn as much as you do – faster than you can say Karl Marx.
It doesn’t matter that you worked your way through college for years to get a better job. It doesn’t matter if you work two jobs. It doesn’t matter if you bust your ass in overtime. It doesn’t matter if you don’t buy things you can’t afford and you live within your means. It doesn’t matter if you sacrifice one thing for another. Your reward will not match the rewards of others who may do none of these things. It’s as simple as that. When Barack obama says he is going to “cut taxes” for 95% of America, he really means he is also going to give money away to more than a third of America–people who pay no taxes at all.
There are millions of immigrants in America who left their countries to get away from governments like the one Barack Obama has planned.
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:
- A $500 tax credit ($1,000 a couple) to “make work pay” that phases out at income of $75,000 for individuals and $150,000 per couple.
- A $4,000 tax credit for college tuition.
- A 10% mortgage interest tax credit (on top of the existing mortgage interest deduction and other housing subsidies).
- A “savings” tax credit of 50% up to $1,000.
- An expansion of the earned-income tax credit that would allow single workers to receive as much as $555 a year, up from $175 now, and give these workers up to $1,110 if they are paying child support.
- A child care credit of 50% up to $6,000 of expenses a year.
- A “clean car” tax credit of up to $7,000 on the purchase of certain vehicles.
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. 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.
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.
The total annual expenditures on refundable “tax credits” would rise over the next 10 years by $647 billion to $1.054 trillion, according to the Tax Policy Center. This means that the tax-credit welfare state would soon cost four times actual cash welfare.By redefining such income payments as “tax credits,” the Obama campaign also redefines them away as a tax share of GDP. Presto, the federal tax burden looks much smaller than it really is.
Yes, you have read correctly, folks. The welfare state will quadruple, Comrade. A person who pays NO tax whatsoever will be getting all these “Tax refunds” in the name of “Fairness”. They will get a refund check from the IRS consisting of money they never even paid. In other words, it’s the next step in Obama’s plans for The Glorious Cause – Socialism.
Please be sure to go here and read about the rest of the impact of this pathetic Socialist’s Plans for you, suckers. Want to beat the system. Work part time and stay home and watch TV the rest of the time. If you calculate it right, you will get all those tax “refunds” and earn as much as you do now–for doing nothing. Your government will take care of you, Comrade!
From my blog, “Uppity Woman“