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Geuro, i asked you to draw a difference in Obamas taxation and a typical socialist tax plan. You did not do this, i expected it to be hard to do, because there is not alot of differences
heres the breakdown:
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:
- A $500 tax credit ($1,000 a couple) to "make work pay" that phases out at income of $75,000 for individuals and $150,000 per couple.
- A $4,000 tax credit for college tuition.
- A 10% mortgage interest tax credit (on top of the existing mortgage interest deduction and other housing subsidies).
- A "savings" tax credit of 50% up to $1,000.
- An expansion of the earned-income tax credit that would allow single workers to receive as much as $555 a year, up from $175 now, and give these workers up to $1,110 if they are paying child support.
- A child care credit of 50% up to $6,000 of expenses a year.
- A "clean car" tax credit of up to $7,000 on the purchase of certain vehicles.
Here’s the political catch. All but the clean car credit would be "refundable," which is Washington-speak for the fact that you can receive these checks even if you have no income-tax liability. In other words, they are an income transfer — a federal check — from taxpayers to nontaxpayers. Once upon a time we called this "welfare," or in George McGovern’s 1972 campaign a "Demogrant." Mr. Obama’s genius is to call it a tax cut……
……..The political left defends "refundability" on grounds that these payments help to offset the payroll tax. And that was at least plausible when the only major refundable credit was the earned-income tax credit. Taken together, however, these tax credit payments would exceed payroll levies for most low-income workers.
The Tax Foundation estimates that under the Obama plan 63 million Americans, or 44% of all tax filers, would have no income tax liability and most of those would get a check from the IRS each year. The Heritage Foundation’s Center for Data Analysis estimates that by 2011, under the Obama plan, an additional 10 million filers would pay zero taxes while cashing checks from the IRS.
The total annual expenditures on refundable “tax credits” would rise over the next 10 years by $647 billion to $1.054 trillion, according to the Tax Policy Center. This means that the tax-credit welfare state would soon cost four times actual cash welfare. By redefining such income payments as “tax credits,” the Obama campaign also redefines them away as a tax share of GDP. Presto, the federal tax burden looks much smaller than it really is.Because Obama’s tax credits are phased out as incomes rise, they impose a huge “marginal” tax rate increase on low-income workers. The marginal tax rate refers to the rate on the next dollar of income earned. the marginal rate for millions of low- and middle-income workers would spike as they earn more income.Some families with an income of $40,000 could lose up to 40 cents in vanishing credits for every additional dollar earned from working overtime or taking a new job. As public policy, this is contradictory. The tax credits are sold in the name of “making work pay,” but in practice they can be a disincentive to working harder, especially if you’re a lower-income couple getting raises of $1,000 or $2,000 a year
my sources:
Obama/Biden website
The Tax Foundation
TPC
Wow man I keep getting these checks from the IRS man. Far out!
Do you understand that this tax adjustment absolutely in no way pays people who don't pay taxes? Do you think the govt.is going to send them a check? WHY? SHOW ME ONE QUOTE from Obama saying he is going to mail out checks. It's a TAX adjustment. Less draconian that of past REPUBLICANS! get over it!
You lost. He is not a socialist for raising taxes on rich to 39% versus REAGAN'S 50%.
Get a godamned GRIP! You give me pasted crap from biased site, I gave you government records of taxes by year.
People who already pay no taxes do not lose nor benefit from this!
The Rev. Bellamy was something of an actual socialist. The meaning that these right-wingers attach to socialism (which they then somehow seem to have difficulty distinguishing from communism) is more like any sort of social cooperation at all. Apparently, it is not the function of a society to be concerned over the well-being of its members. Weird concept, when you stop and think about it...
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