OBAMA WELFARE TAXES

Obama will raise: the top two individual income tax rates by 25%; Phase out personal exemptions and all itemized deductions; the capital gains tax rate by 33%; the tax rate on dividends by 33%; the top payroll tax rate from 16% to 32%; a new payroll tax on employers of 7%; reinstate the death tax rate of 45%; the corporate tax burden by another 25%.

Incentives are turned against savings, investment, entrepreneurship, business expansion, job creation, work, and economic growth. With higher marginal tax rates, the reward for these pro-growth economic activities is reduced which forces all other activities to decline.

Obama’s tax plan is exactly the opposite of the supply side economics that Reagan adopted, which produced the astounding 25 year boom of the 1980s. When Obama adds his $trillion in entitlements we will be staring at a deep depression instead of a recession.

Obama’s tax plan specifies that his tax cut is a $500 per worker income tax credit for workers making up to $75,000 per year, and for families making up to $150,000. More doubletalk. Such a tax credit is a welfare check.

Obama wants tax credits for child care, education, housing, retirement, health care, welfare, and other giveaways with checks from the federal government for these purposes.

Consequently, they are not tax cuts. They are new federal spending programs hidden in the tax code. This is why I call it The New Tax Welfare. These new tax welfare programs alone would cost an additional $1.3 trillion over 10 years.

The tax cut for 95% of people Obama speaks about who will receive $500 annually from taxpayers money is Obama bogus, doubletalk! FOURTY (40%) PERCENT of these people do NOT work! A non-worker "welfare bonus check." by Peter Fararra (truncated)