… disguised as a tax plan:
Obama’s 95% Illusion
It depends on what the meaning of ‘tax cut’ is. I was reading this in the train, and even when I don’t have much time to comment on it, it’s certainly worth reading. Money quote,
Because Mr. 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. As the nearby chart illustrates, 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. One mystery — among many — of the McCain campaign is why it has allowed Mr. Obama’s 95% illusion to go unanswered.
On that last point, because of the McCain campaign’s incompetence.
A few minutes later,
I found the right picture for this post,
Tax the plumbers!
UPDATE, Wednesday 15 October: Make an ad with this guy!
Linked by Doug. Thanks!
Obama’s first, second, and third priority is to get elected. If that means pandering to large numbers of people who want a free ride, he’ll be happy to throw them a few crumbs as a way to get their votes. He will also turn democracy and capitalism on it’s head, and villainize the affluent and successful in our society, in order to rally the masses behind him. With evangelical zeal Obama will convince his followers to replace reason with hope and belief … to blindly follow him … never challenge him … and embrace his words as gospel. In the real, and unforgiving world of economics however, when you immediately gratify everyone by feasting on the goose that lays the golden eggs, the economy looses it’s ability to continue generating growth and wealth. Obama is promising everyone a piece of the pie, whether they helped bake it, or not … but, only in a socialistic, or communist state do the non-contributors demand to share equally in the property that belongs to others. Immediate gratification, and getting something for nothing, is like a drug to the malcontents, but in the big picture, every farmer knows that even if you get hungry, you never eat your seed crop … unless you want it to be your last meal. If Obama gets elected, America will turn into a third world country, with massive government welfare programs, unable to generate jobs for it’s citizens, and unable to compete in the global markets. Keep America safe, free and strong … elect McCain/Palin on November 4th.