No Tax Cuts for the "Rich"

Obama says he is giving America a “billion dollar tax cut.” (NOT!) But he isn’t. He’s giving an expensive ONE-TIME “tax rebate” that does NOTHING to instigate new business and improve the economy. A REAL “tax cut” involves reducing the TAX RATE, which gives incentives to people who INVEST in projects that CREATE new profits, thus more money to tax. Unfortunately, people who do that tend to wind up “rich,” and that Obama does not want. “[T]he Obama tax cut package studiously avoids any reductions in tax rates anywhere. The centerpiece of the plan is a $500 per worker tax credit, estimated to cost $150 billion. The government will just borrow $150 billion from the private economy to give away in these tax credits, so there will be no net gain to the economy.” This lets him CLAIM to have “reduced taxes” and, he hopes, “spike the guns” of people who say all he will do is RAISE taxes. Republican Ronald Reagan and Democrat John Kennedy BOTH lowered tax RATES, and by so doing, INCREASED the “tax take” in the next few years as those “eeevil rich” invested their money in more money-making and jobs-creating projects, thus creating MORE taxable income for them, and higher taxes for them (and their employees) to pay. Bush did it, too. What Obama is doing is a CON designed to make ”headline readers” THINK he’s reducing taxes while he’s STILL “punishing the rich,” who are responsible for ALL improvements in the economy. (The American Spectator)