Wednesday, October 08, 2008

When Is A "Tax Cut" Really Income Redistribution?

Frustrated by McCain's unwillingness to directly question Barry Obama's claim that he would give 95% of taxpayers a tax cut, we decided to, in our own small way, to do so ourselves.

The statistics speak for themselves. Only 62 percent of Americans pay federal income tax, meaning that 38 percent get a 100 percent refund of any taxes withheld. So Mr. Obama's 95 percent that will receive money from the government includes roughly 33 percent of Americans who pay no income tax. One-third of Americans pay no income taxes yet would receive a government check of perhaps $1,000 or more. [READ MORE]

Read the above very carefully folks. 38% of Americans already receive a 100% refund of their federal taxes. They pay no income tax and yet will receive additional tax refunds of up to $1,000.

Let's look a little deeper, shall we ...

Obama would repeal the Bush tax cuts of 2001 and 2003. Contrary to popular liberal myth, this tax cut benefits the small taxpayer as well as big business. Repealing this tax cut will, in effect, raise your taxes. Common sense says this is a tax increase.

Increasing taxes on businesses will only result in higher prices for consumers. It's called pass-thru. The businesses expenses (which includes taxes), increases and they pass-thru the increase to the consumer. While not technically an increase in individual taxes, it does add to the cost of goods which does affect the individual.

While it is popular to talk about excess profits by the oil industry, the fact is that over the 25 years ending in 2005, the oil industry paid over 2.2 TRILLION dollars in taxes. [READ MORE]. While it is popular, maybe even fun, to trash the oil industry, perhaps the question should be asked of Congress: "Where the heck did the 2.2 TRILLION go?".

It is too bad that the Republican Party and John McCain don't have the 'stones' to stand up and fight the lies and misstatements of the Obama campaign but that sems to be the reality. This makes it even more imperative that each and every one of us do our own digging, find our own sources of information that we can trust and decuide for ourselves.

Make no mistake about this: this election is not about political parties - it is for our very future. Please vote and please use that vote for the good of our country.


Blogger JJ said...

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Just want to make you aware of

11:35 AM  

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