Let's set aside the raw dishonesty of Obama's assertion that he is going to give 95% of American tax payers a tax cut, nearly 50% pay absolutely no taxes at all - period. What he really means is that he is giving transfer payments to these folks. Taking money from the productive and giving it to those who earn less. "Spreading the wealth" so to speak.
But I heard an interesting caller today who was a small business owner (the pure evil of it all!) and she noticed that in her new IRS Publication 15, there were some significant changes since last year (when that evil Bush was in office). In 2008, the withholding for a single person claiming no dependents was $0 until they reached $310 per week ($1240 per month). ZERO TAXES. Yet, despite the claims of the Obama administration regarding reducing taxes, the Publication 15 tables for 2009 showed that taxes started being withheld at the $55 per week ($200 per month) mark.
Given my standard policy of trusting no one - Republican, Democrat, Independent - I decided to investigate. A couple of links for your evaluation:
Pay particular attention to page 5. Hummmm - sure shows $0 to me.
Next:
Thumb forward to page 40. Wow! Taxes starting at $55.
So what does this mean? In a nutshell, Obama and the Democrats are lying to us. This doesn't even begin to address the massive increases on the middle income earners when Bush's tax cuts are allowed to expire. But, I have written about that before, I won't bore you again.
Bottom line - this administration is desperate for cash. Given their massive budget, the projected $1 Trillion deficits EACH AND EVERY YEAR FOR THE NEXT 10 YEARS, they simply need cash. The "rich" don't have enough for the administration's thirst. They will have to drain each and every dime from absolutely every source possible, and will have to create many new sources as well. This is simply the beginning folks, just the beginning. I believe Senator Gregg called it the path to bankruptcy for the United States.
Change you can believe in.
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