Peter Ferrara has a must read published article on NRO today titled “New Tax Welfare”.
The McCain campaign to date has failed in comparing tax plans.
The Obama campaign has gotten away with the claim “Tax Cuts for 95% of all American Workers”.
If this is not corrected Obama will win … if it is corrected McCain will win.
1) 44% of all American workers pay no income tax so it is impossible to provide a tax break to those who do not pay taxes.
2) This claim draws attention away from the real core of the Obama tax plan which calls for increases in every major federal tax creating perverse incentives.
A) Raise top 2 individual income tax rates = 25% or more.B) Phase out all personal exceptions and all itemized deductions for upper-income earners.C) Increase Capital Gains rate = 33% (same for tax-related dividends).D) Increase top payroll-tax by 16-to-32%.E) Create new payroll-tax rate for health insurance = 7%.F) Reinstate Corporate Windfall Profit Tax.G) Reinstate Death/Inheritance tax = top marginal rate at 45%.H) Increase Corporate Tax burden = 25%.
Remember 44% of all workers do not pay income tax so they can not receive a tax cut.They will however receive a check = $500.00 per worker refundable income tax credit up to $75,000 per year.Child care, education, housing, retirement, health-care, welfare.
Cost for all this = $1.3 Trillion over 10 years.
New Tax Welfare.
Spread the word.
Barak Obama = The Ultimate Marx Brother …