Why trust the Democrats on Economic issues?

[Pressing-On]

Don't know if this should have it's own thread or not. I'm still trying to figure out why someone would want this type of package.

(excerpt)

Obama Tax Plan: Back To Welfare?

The plan does have some real tax cuts, such as the extension of President Bush's cuts for families making under $250,000. This relief is significant — though John McCain would go further and provide it for everyone. However, so are Obama's new or expanded refundable credits. These include, with five-year costs estimated by the Tax Policy Center:

• The "making work pay" credit of 6.2% up to $8,100 of earnings. Cost: $323.7 billion.

• A "universal mortgage" credit equal to 10% of mortgage interest for income-tax filers who don't itemize. Cost: $54 billion.

• An expansion of the child and dependent care credit, which would rise from 35% to 50% of expenses and would be refundable for the first time. Cost: $10.6 billion.

• The "American opportunity tax credit" to replace the (non-refundable) hope credit with a refundable credit of $4,000 for college costs. Cost: $58.2 billion.

• Expansion of the earned income tax credit to lower-income workers. Cost: $19.3 billion.

That's $465.8 billion in all over five years, all transferred from the $250K-plus set and going mostly to lower- and lower-middle-income Americans.

http://www.ibdeditorials.com/IBDArti...07840876217528

[Ferd]

Originally Posted by Pressing-On

Don't know if this should have it's own thread or not. I'm still trying to figure out why someone would want this type of package.

(excerpt)

Obama Tax Plan: Back To Welfare?

The plan does have some real tax cuts, such as the extension of President Bush's cuts for families making under $250,000. This relief is significant — though John McCain would go further and provide it for everyone. However, so are Obama's new or expanded refundable credits. These include, with five-year costs estimated by the Tax Policy Center:

• The "making work pay" credit of 6.2% up to $8,100 of earnings. Cost: $323.7 billion.

• A "universal mortgage" credit equal to 10% of mortgage interest for income-tax filers who don't itemize. Cost: $54 billion.

• An expansion of the child and dependent care credit, which would rise from 35% to 50% of expenses and would be refundable for the first time. Cost: $10.6 billion.

• The "American opportunity tax credit" to replace the (non-refundable) hope credit with a refundable credit of $4,000 for college costs. Cost: $58.2 billion.

• Expansion of the earned income tax credit to lower-income workers. Cost: $19.3 billion.

That's $465.8 billion in all over five years, all transferred from the $250K-plus set and going mostly to lower- and lower-middle-income Americans.

http://www.ibdeditorials.com/IBDArti...07840876217528

And what is really important to note here is that these are not related to Barak Obamas nearly 900 BILLION in new spending measures.

AND the above arent all of his tax redistrobution plan. in addition to that, the 37% of Americans that file taxes but dont pay anything, will actually recieve a check from the IRS. That is how he can claim that 95% of Americans will have a tax cut. a bunch of people will actually have a negative tax situation, meaning instead of paying taxes, they will be owed tax dollars directly because of how little they make.

[Pressing-On]

Originally Posted by Ferd

And what is really important to note here is that these are not related to Barak Obamas nearly 900 BILLION in new spending measures.

AND the above arent all of his tax redistrobution plan. in addition to that, the 37% of Americans that file taxes but dont pay anything, will actually recieve a check from the IRS. That is how he can claim that 95% of Americans will have a tax cut. a bunch of people will actually have a negative tax situation, meaning instead of paying taxes, they will be owed tax dollars directly because of how little they make.

This article goes along with what you are saying. It is very self-explanatory - which I like.

(excerpt)

A Replay Of 1929? Don't Count On It

By INVESTOR'S BUSINESS DAILY | Posted Friday, October 03, 2008 4:20 PM PT

Financial History: Those who don't know history are destined to repeat its serious mistakes. Today some have asked if we could have another 1929-like depression. No, it should not happen.


http://www.ibdeditorials.com/IBDArti...07927474219610