Friday, October 17, 2008

Day By Day by Chris Muir October 17, 2008 - Blockage

Cross Posted from the FullosseousFlap's Dental Blog

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Day By Day by Chris Muir

Chris, Obama has actually stated lied to American voters that he would lower taxes for 95 per cent of us. This is referred to as the 95 per cent illusion.

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:....
Read all of the piece and look at this graph:

Obama's tax proposals

Barack Obama's tax plan for most middle income two worker families would impose higher marginal tax rates with Obama's tax credits vanishing 40 per cent for each additional dollar earned over $40,000. Thus, there will be disincentives for American's to either work harder or earn more.

Didn't we have this argument in the 1980's with Ronald Reagan and Jimmy Carter? And, Reagan won the argument about higher marginal tax rates, didn't he?

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