All across America are good, decent folks who meet their obligations each and every day. They work hard. They support their families. They try to make an honest living the best they can. And this weekend, many are sitting down to pay the taxes they owe – not because it’s fun, but because it’s a fundamental responsibility of our citizenship.After I post this, I'm heading over to the bank to deposit this 15 large (well 5 large, and $1000 in twenties). That's because my wife and I settled a credit card debt last year, and -- little did I know, my bad -- but the write down is taxable income according to the IRS. So, since my payroll withholding didn't cover it, we owe this year (and more than $1500, by the way).
President Barack Obama, April 10, 2010
I mention this since, yeah, it's tax time, but the Democrats and radical leftists are being dishonest in their claims about how the administration "cut taxes." Obama didn't cut taxes, actually. He handed out one-time (but renewable) tax rebates. See, "Obama Didn't Cut Taxes." Plus, at WSJ, "Obama's 95% Illusion: It depends on what the meaning of 'tax cut' is."
At the video Obama trumpets his "Making Work Pay" tax credit, but Heritage Foundation has the truth on that, "'Making Work Pay' Credit Will Not Stimulate the Economy":
President Barack Obama's "Making Work Pay" tax credit is a major piece of the fiscal stimulus plan currently being debated in Congress. The new credit is being touted as a tax cut, but in reality it is just more spending through the tax code. Moreover, since it is also "refundable," it would send money directly to low-income taxpayers who pay no income taxes.RTWT at the link.
This Making Work Pay credit does nothing to create jobs. A better approach would be growth-promoting tax cuts that increase taxpayers' incentives to work, save, invest, and take on risk. The best way to do that is to lower rates on individual income, capital gains, and corporate taxes and to eliminate the death tax.
Most of every dollar you give to Washington will be spent on things that harm freedom and jeopardize our future and prosperity. But every dollar you give to the Tax Day Money Bomb will help call America back to her destiny—lower taxes, limited government, broader prosperity.