A plummer who asked Barack Obama about his tax plans was told by the Senator that his goal is to “spread the wealth around.” Obama made the comments shortly after he unveiled a plan that would, he said, constitute a ‘tax cut for 95% of Americans.”
The only problem with that plan is, however, that it does no such thing. Obama will raise taxes on higher income households, and he will give a tax credit to those with lower incomes. What this means is the following:
33% of Americans do no pay taxes. Yet, they will receive a tax credit. A credit… on taxes they did not pay.
This is not called a ‘tax cut,’ this is called Welfare. It is quite alright for Obama to advocate such a program, but calling it a tax cut is disingenious at best.
One has to wonder whether times of economic crisis are best for grand plans that would ‘spread the wealth around,’ as Obama told a plummer recently, and which was caught on video.
The above is what Obama’s plans are truly all about. They are not about reviving the economy, as such, they are about ‘spreading the wealth around,’ giving, in Obama’s words, those ‘with less opportunities’ the same opportunities higher income households.
This means Obama is offering Americans a real choice on what kind of economic policies they support. Forget the tax cut, he offers no such thing; rather, it is about redistributing wealth. It is now up to Team McCain to come up with an alternative, fiscally conservative plan; something tells me American voters are open to such an alternative.
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