Let’s Talk About That Tax Cut That Liberals Insist We’re All Getting.

This article does a nice job of laying out the effects of Obama’s tax plan.  Key points are as follows:

1.  The $400 individual tax savings and $800 married couple tax savings that Obama has promised for 95% of Americans will be paid for by the top earners in this country.  The wealthiest 20% already pay nearly 70% of taxes to begin with.  And you know what?  As a not-wealthy person, I would just as soon have the wealthy continue to do things like start new companies and provide jobs for people than give me a lousy $800 which probably won’t even be able to cover 2 months of heating costs with Obama’s cap and trade plan.

2.  Many economists cannot square up how in the world Obama can NOT tax the middle class given all of his spending plans.  Martin Sullivan, former economic aide in Reagan’s adminstration and Obama supporter in the last election said, “You just simply can’t tax the rich enough to make this all up.  Especially just for getting the budget to a sustainable level, there needs to be a broad-based tax increase.  If you want to do healthcare on top of that, almost certainly, it just makes [a middle-class tax increase] all the more certain.”

3.  Leonard Burman, director of the Tax Policy Center, says, “There’s no way we’re going to be able to pay for government 10, 20 years from now without coming up with a new revenue source.”  And Clint Stretch, managing princial for tax policy for Deloitte Tax, doesn’t see how Obama’s administration can possibly generate enough revenue with its current policies.

So, this whole, “But 95% of the country is going to get a tax cut” nonsense?  Enough already.  Show me a person who’s going to be able to stimulate the economy with $400, especially with Obama’s cap and trade plan.