e-Claire

O-BAMN has your "tax cut" right there

flim flam wham bam

I’m gonna need some help defining “marginal” tax rate.  Fortunately, wiser heads than mine at the WSJ are looking this over.

Maybe that’s the problem—somebody give McCain some help on understanding this mess.  Why he’s not hammering this I cannot understand.  [are tax policy disagreements raaacist, too?]

First - some terms.

“refundable” / “tax credit”—you can receive these checks even if you have no income-tax liability.  aka “welfare” or “income transfer”

[WSJ article on O-BAMN’s tax policy] There are several sleights of hand

--More than 33% of Americans currently have no tax liability.

--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. [ie, YOU]

--The total annual expenditures on refundable “tax credits” would rise over the next 10 years by $647 billion to $1.054 trillion…
[add that to the already existing $58 trillion unfunded national debt and *whew*][let’s sell that debt to China in return for pet food, toys and baby mile, ‘k?]

--$500 tax credit to “make work pay”

--10% mortgage interest tax credit

-- $1,110 child support

--$6,000 child care

--$7,000 on the purchase of certain vehicles

Here’s a coupla philosophical points embedded in the financial plan:

A $500 tax credit [see above] “to make work pay”—Since when does the gubbmint have to do contortions to “make work pay?!?" erm… isn’t that why most of us go to work; because it’s the only way to get paid?  I mean, Id’ love to hang around and bake cookies all day, but, while the benefits are enormous, the pay stinks. 

So now I am not only supposed to become dependent on the gubbmint for my annual “tax credit” check, but I am dependent on gubbmint to “make work pay?” Whatinhell would I need an employer for, then?  ...oh ...that’s the point?

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.

So it seems that the over-all point is to take the [eeevil, carbon-based] gas out of the economic engine of America.  Which, in turn, takes a lot of the [again, eeevil] gas out of the world economic engine.

And alla them ferrigners I so fear [being an icy, bitter clinging moron] really want an O-BAMN presidency, why, again?

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