Obama’s Tax Cut is Actually a Spending Increase, Says Non-Partisan Group

Discussion in 'Politics' started by Revmitchell, Oct 30, 2008.

  1. Revmitchell

    Revmitchell
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    Democratic presidential candidate Barack Obama’s plan to cut taxes on 95 percent of taxpayers would effectively increase government spending by an average of $64.8 billion a year and effectively raise income tax rates for many Americans, even on some earning $20-$50,000 per year, according to the non-partisan Tax Policy Center.

    The heart of Obama’s tax cut proposal is in his use of refundable tax credits, which the Center describes as “credits available to eligible households even if they have no income tax liability” -- in short, refunds available even to those who don’t pay taxes. These refunds are claimed on tax returns and are paid to all taxpayers who qualify for them, regardless of whether they owe taxes or not. These refunds have the ability of reducing a taxpayer’s liability below zero, meaning they can get a refund without actually paying taxes.


    http://www.cnsnews.com/public/Content/Article.aspx?rsrcid=37519
     
  2. billwald

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    >Twenty percent of taxpayers, who pay 87.5 percent of total income taxes, will actually see after-tax income decline under Obama by nearly two percent, according to the Center.

    Breaks my heart. Median family income is $50K. That's two people making $11/hour. 2nd decile - i think - is $40K. That's two people working making $9/hour.
     
  3. LeBuick

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    I take it you didn't see the quote I posted from the same group yesterday showing how McCain's plan will raise the deficit more than Obama's.
     
  4. carpro

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    Lie - Obama plans to cut taxes on 95 percent of taxpayers.

    Truth: In real numbers, 60.7 million people who have no tax burden at all will receive refunds from Obama. He counts these people in his 95%

    Truth: Most of the benefits of Obama’s plan would go to the bottom 40 percent of wage earners, a group that, according to the Congressional Budget Office and the Tax Policy Center, pays zero percent of the nation’s income taxes.

    Truth: When compared with current law, people earning $20,000-$50,000 a year will see their effective tax rates -- the amount of money the taxpayer actually ends up paying the government -- increase on average under Obama’s plan.

    Truth: Most households making $30,000-$75,000 will not see a reduction in their taxes under Obama’s plan relative to current law.

    Fact: Obama is a liar.

    Fact: A huge number of otherwise intelligent people are buying his lies or helping cover them up to realize their political agenda.

    Conclusion: That makes them either blindly ignorant or liars as well.
     
  5. LeBuick

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    From the same source as the OP

    http://www.cbsnews.com/stories/2008/10/30/eveningnews/main4559479.shtml

     
  6. carpro

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    That's a no brainer.

    It's a result of increased taxes on any family that makes over $75,000 a year.

    Obama is a huge liar concerning his tax program and you've bought into it.

    The deficit is a separate issue you wish to bring forward to lead the topic off topic. It's too tough for you to handle, as is.
     
  7. LeBuick

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    You mean $250k. Why must you distort the facts? Is the truth that painful to face?

    I have no problem with the poor workers getting a rebate check. Bush just gave one to everybody but Obama is giving it to those who need it most. Not much different if you're not just trying to make a big deal out of it. I know of working families making less than poverty. I don't mind doing something for them and their kids.
     
  8. carpro

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    Yes, I misstated the income figure, but the basic facts remain the same.

    Obama is a liar and no where near 95% of American taxpayers will see a reduction in their tax burden.

    It is impossible to 95% of taxpayers to pay lower taxes when only 62% pay taxes in the first place.

    Another fact unmentioned by this liberal think tank is that none of these tax predictions include Obama's over $1 Trillion in recommended new spending.

    That money has to come from somewhere, so he's either lying about the tax burden or he's lying about the deficit.

    My bet is both.
     

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