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Obama's "Tax Plan" Isn't. It Is Really a Welfare Plan

online.wsj.com — Barack Obama's tax plan is the opposite of supply-side economics. He proposes to raise marginal rates for just about every federal tax. He also proposes a raft of tax credits that taxpayers can receive if they engage in various government-specified activities. Such credits are not tax cuts. Indeed, they should be called The New Tax Welfare.

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  • inactive, on 09/04/2008, -6/+13- top individual income tax rate, for example, would be increased by 13%, to 39.6%
    - next-highest rate would be raised to 36%
    - top rates on capital gains and dividends would rise by a third, to 20%
    - Social Security payroll tax would be raised between 16% to 32% for families making over $250,000 a year
    - permanent federal estate tax, with a top rate of 45%
    - health-insurance plan includes a new payroll tax on employers
    - contemplates several increases in the corporate income tax

    The Obama tax plan would sharply increase real taxes. It also would come nowhere near to paying for the massive increases in federal spending he has proposed

    That is what I call ugly!
  • inactive, on 08/19/2008, -3/+8i love how you got dugg down for providing numbers to back up an argument, and the obama bots can't even type a rebuttal to it ... they can push button though!
  • jotate, on 08/19/2008, -3/+3Unfortunately, the people being directly taxed on all those points compose the top 10%. I doubt you're going to find much sympathy for them.

    And none of Obama's programs would cost as much as McCain's prolonging of the war. So, occupying a country for the next 100 years or universal health care and more affordable education?

    Tough choice.

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