Smoke and Mirrors
Oct 14th, 2008 by admin
Well, now, finally there is a graphical representation of current tax law vs Obama tax law.
Because Mr. Obama’s tax credits are phased out as incomes rise, they impose a huge “marginal” tax rate increase on low-income workers. The marginal tax rate refers to the rate on the next dollar of income earned. As the nearby chart illustrates, the marginal rate for millions of low- and middle-income workers would spike as they earn more income.
How does that help the economy? I also heard a sound clip of him addressing a tax question. I’ll paraphrase of course but it was something to the effect of ’spread it around’. Karl Marx anyone?
From each according to his ability, to each according to his need
That’s kinda sorta maybe how we ended up in a financial crisis eh? People forcing institutions to make loans to people who couldn’t afford them? Meh, I’m going to wash my hands of it.
If you haven’t already, I’d read into the proposed tax plans of Senator Obama (linked below). I would read what economists say, not what his (or even McCain’s) website says. He and his campaign (like all campaigns) are out to win. Which is another gripe I have, both sides sounding like godamn parrots reading off their little talking point cue cards. Jesus H. Christ people learn to think for yourselves! Meh, ok, seriously, washing hands now *looks for soap*.
You can read the Wall Street Journal story here entitled “Obama’s 95% Illusion”
And, seriously, FairTax would blow both plans into a Jovian orbit. SORRY, washing hands, applying soap *hum de hum*
