Lucky for us politicians never keep campaign promises.
On Wed, Oct 15, 2008 at 3:22 PM, Robert Munn <[EMAIL PROTECTED]> wrote: > Here is a fresh look at the Obama tax plan: > > http://online.wsj.com/article/SB122385651698727257.html > > ------------------- > > - A $500 tax credit ($1,000 a couple) to "make work pay" that phases out at > income of $75,000 for individuals and $150,000 per couple. > > - A $4,000 tax credit for college tuition. > > - A 10% mortgage interest tax credit (on top of the existing mortgage > interest deduction and other housing subsidies). > > - A "savings" tax credit of 50% up to $1,000. > > - An expansion of the earned-income tax credit that would allow single > workers to receive as much as $555 a year, up from $175 now, and give these > workers up to $1,110 if they are paying child support. > > - A child care credit of 50% up to $6,000 of expenses a year. > > - A "clean car" tax credit of up to $7,000 on the purchase of certain > vehicles. > > 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. > > 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. > -------------------- > > Meanwhile, Obama would punitively tax high income earners, thus encouraging > those people to 1. hide their income 2. move out of the country, or 3. not > earn so much money. > > All in all, his plan is a recipe for a sipral into economic malaise for > years to come. > > > On Wed, Oct 15, 2008 at 3:12 PM, Gruss wrote: > >> >> >> This country was on the very tipping point systemic failure 2 weeks >> ago and all that's happened since then is that a slight wind has given >> us enough balance to stay on the edge. >> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:274642 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
