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."
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.
Lefists are pumping this up as if it's the Feeding of the 5000. See Jack & Jill Politics and Washington Monthly (via Memeorandum).
UPDATE: A solicitation from the Heritage Foundation, "Tax Day Money Bomb" (via Sissy Willis on Twitter):
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.
now his administration is all about the vat, because "Europe has it...". they want our health care to be just like Europe's...we LEFT Europe, and founded this country many years ago for what reason? i talked to a blue cross rep yesterday that said he's gotten tons of calls asking "is this where i get my free obamacare??"
ReplyDeleteFree ObamaCare!
ReplyDeleteThanks Libby!
I am glad you posted this. I was just reading those links at Memeorandum and thinking I must have seriously screwed up with Turbo Tax this year. Hey, that worked for Geithner right? We are getting substantially less back this year and it would be a pittance were it not for a college credit worth about $800. Did anyone ever try to send their kid to college for a a year on $800, you'd be lucky if it bought the books. The $800 is really smoke and mirrors regardless.
ReplyDeleteMost of what Obama did was change withholding near as I can tell. Couldn't we do that ourselves in the personnel office?
Humph. I got back just less than one-third of what I got back last year. When I completed my Turbo Tax entries the program said, "Congratulations! Because of President Obama's tax credits you got to keep more money in your pocket this year!" BullSpit.
ReplyDeleteCorrect, Mary Sue, all they did was withhold less of your hard earned money, so they could falsely claim they reduced your taxes. Obamanomics! What a magician!
ReplyDelete