The New Tax Welfare

If elected, Obama will raise rates on just about every tax, along with enacting a slew of so-called "tax credits".

"Such credits are not tax cuts. Indeed, they should be called The New Tax Welfare."

"His trick is to make the tax credits "refundable"."

These refunds would go to those who already don't pay any income tax.

"Mr. Obama is proposing to create or expand a slew of government spending programs that are disguised as tax credits."

"The spending on these programs is then subtracted from the total tax burden, in order to make the claim that his tax plan is a net tax cut overall." This is the source of his mumbo-jumbo about a tax cut for 95% of families making less than $200,000.

Obama will tax, tax, tax and spend, spend, spend.

"Overall, the bottom 60% of income earners pay less than 1% of federal income taxes on net."

"When "tax credits" primarily go to this group in the form of checks from the government (rather than a reduction in their tax burden) it is simply an abuse of the language to call the spending a tax cut."

"The Obama tax plan would sharply increase real taxes. It also would come nowhere near to paying for the massive increases in federal spending he has proposed, including the spending that is disguised in the form of refundable tax credits."

This is Obama's plan to correct the "tragedy" of the Civil Rights Movement: The Supreme Court's failure to enact "wealth redistribution".

More.
Obama's elitism: Let the government decide who deserves the money.
Socialists eat it up.
Redistributor-in-Chief.