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Obama's 95% Illusion - WSJ.com: "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.So much for ending welfare as we know it. It's all about "spreading the wealth around." As he tells the plumber in the video, Obama doesn't want to punish his success. If he had, Obama would probably have given the guy a baby. Here's a tip: Just say, "Keep the change, Barack."
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."
At the Tuesday-morning meeting with committee staffers, Biden launches into a stream-of-consciousness monologue about what his committee should be doing, before he finally admits the obvious: "I'm groping here." Then he hits on an idea: America needs to show the Arab world that we're not bent on its destruction. "Seems to me this would be a good time to send, no strings attached, a check for $200 million to Iran," Biden declares. He surveys the table with raised eyebrows, a How do ya like that? look on his face.He's there as the foreign policy heavyweight to add "gravitas" to the ticket. We can all feel so much better about an Obama presidency, knowing that Biden will be guiding him in key decisions. Yet the MSM perpetuate the myth of Biden's foreign policy expertise.
Labels: crazy leftists, MSM bias, Obama, Sarah Palin