“Barack Obama’s tax plan delivers broad-based tax relief to middle class families and cuts taxes for small businesses and companies that create jobs in America, while restoring fairness to our tax code and returning to fiscal responsibility. Coupled with Obama’s commitment to invest in key areas like health, clean energy, innovation and education, his tax plan will help restore bottom-up economic growth that helps create good jobs in America and empowers all families achieve the American dream.”
Things that jump off of the page:
-“Restoring Fairness”: We already have a steeply progressive tax system. Please click here …
…to find out how much (also talks about benefits of Obama tax cut for the lower 50%). How much more progressive does it have to be to be fair? Please see Joe Six Pack Guide to Taxation below.
-“Returning to Fiscal Responsibility” What does this mean? Somehow I don’t believe that it means smaller government, especially when in the same paragraph he is calling for spending investing more in health, clean energy, innovation (this is all by itself; what innovation?) and education”. But I do recall him saying something about “Pay as you go” in the most recent debate. Is it like those prepaid cellular phones? It has a nice ring to it. According to his website:
“Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.”
So any new spending will be funded by cuts in other programs or new revenue (taxes). While he mentions where he’d spend invest more in several programs, he fails to say where he’ll make any cuts. From this I assume that he will raise taxes with a more steeply progressive tax structure…but if that doesn’t work…guess who’ll get the bill (again see Joe Six Pack Guide to Taxation below).
-“Empowers all families achieve the American dream”: So, some families do not have the ability to do this on their own. They need the government in order to have this through monetary means by way of socialism. Oh, goody…the government will fix everything! So while all men have unalienable rights of life liberty and the pursuit (not guarantee) of happiness, Obama plans to ensure that those who have not achieved happiness (and he will define it by your income) will become so by way of those who have achieved wealth by their own sweat and tears. If this is for you , either you feel that you deserve other people’s hard-earned money or you feel guilty for making too much. If you want to pay more taxes, send a check to the US Treasury. I promise they won’t return it.