For the Obama Democrats, a tax cut is no longer letting you keep more of what you earn. In their lexicon, a tax cut includes tens of billions of dollars in government handouts that are disguised by the phrase "tax credit."Catch is, you don't have to pay any taxes to get these tax credits.
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.Let me repeat, 44% of all Americans would PAY NO INCOME TAX AT ALL AND RECEIVE A CHECK FROM THE IRS EVERY YEAR.
The total annual expenditures on refundable "tax credits" would rise over the next 10 years by $647 billion to $1.054 trillion, according to the Tax Policy Center. This means that the tax-credit welfare state would soon cost four times actual cash welfare. By redefining such income payments as "tax credits," the Obama campaign also redefines them away as a tax share of GDP. Presto, the federal tax burden looks much smaller than it really is.
And where does the money for such generosity, FOUR TIMES the cost of the current welfare system, come from?
THE OTHER 56% OF US.
Just reminding folks there are LOTS of reasons besides gun rights to keep Obama out of the White* House.
* Given the DNC and the Obama campaign's predilection to call everything a racial slur, I want to go on record as saying this is not racist.