JOE WURZELBACHER (Joe the Plumber): Your new tax plan is going to tax me more. BARACK OBAMA: It's not that I want to punish your success...I think when you spread the wealth around, it's good for everybody.
The Wall Street Journal Calls Obama's Numerous Refundable Tax Credits, Tens Of Billions Of Dollars In Government Handouts. "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.'" (Editorial, "Obama's 95% Illusion," The Wall Street Journal, 10/13/08)
Pittsburgh Tribune-Review: "[T]he One-Third Of All American Working Families Who Pay No Income Taxes Now Will Receive A Government Check Under The Obama Plan. And That Number Could Rise To About 44 Percent Under Obama's Proposal. The 'tax-cut plan' of Democrat presidential nominee Barack Obama is anything but. In fact, it's nothing more than another liberaled-up wealth-transference program that, in the 'old days,' was known as welfare...Just as troubling, however, is this little factoid: Even the one-third of all American working families who pay no income taxes now will receive a government check under the Obama plan. And that number could rise to about 44 percent under Obama's proposal." (Editorial, Obama's Tax Cut: New Welfare Deal, Pittsburgh Tribune-Review, 10/14/08)
New York Post: "[O]bama's 'Tax Cuts' Really Amount To A Sizable Expansion Of Welfare. In truth, as The Wall Street Journal detailed yesterday, nearly all of those 'cuts' actually come in the form of 'refundable tax credits,' by which the government in effect writes a check to those who meet certain criteria - even if they don't pay taxes in the first place. In other words, Obama's 'tax cuts' really amount to a sizable expansion of welfare. That leaves American taxpayers to foot the bill - both directly, and through the lost economic opportunity that's sure to follow Obama's promised tax hikes on income, dividends and capital gains." (Editorial, Ready, Set...Spend! New York Post, 10/14/08)
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