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Thursday, October 16, 2008

Final Presidential Debate: Debate Fact #4

~Snooper~


DEBATE FACT #4: WHAT IS 95%?

Summary:

Barack Obama is talking about 95% but it is misleading.

The Facts About Barack Obama's Record:

The Wall Street Journal's Kimberly Strassel: Barack Obama Says He Will Cut Taxes For 95% Of Americans Even Though 40% Don't Pay Taxes. "To kick off our show tonight, Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don't pay income taxes! How can our star enact such mathemagic? How can he 'cut' zero? Abracadabra! It's called a 'refundable tax credit.' It involves the federal government taking money from those who do pay taxes, and writing checks to those who don't. Yes, yes, in the real world this is known as 'welfare,' but please try not to ruin the show." (Kimberly Strassel, Op-Ed, "Obama's Magic," The Wall Street Journal, 10/10/08)

Tax Policy Center: Over 10 Years, Barack Obama Will Devote $1.05 Trillion To Households Paying No Income Tax – An Additional $647.51 Than Under Current Law. (Table T08-0191, "Senator Barack Obama's Non-Health Tax Proposals As Described By His Economic Advisors: Impact On Outlays And Tax Units With No Individual Income Tax Liability, 2009-18," Tax Policy Center, 7/25/08)

· Tax Policy Center: Under Obama's Plan, He Would Direct $100.6 Billion In 2009 To Households Who Pay No Income Tax. (Table T08-0191, "Senator Barack Obama's Non-Health Tax Proposals As Described By His Economic Advisors: Impact On Outlays And Tax Units With No Indivi dual Income Tax Liability, 2009-18," Tax Policy Center, 7/25/08)

According To The Tax Foundation, Under The Obama Tax Plan 63 Million Americans "Would Have No Income Tax Liability And Most Of Those Would Get A Check From The IRS Each Year." "The Tax Foundation estimates that under the Obama plan 63 million Americans, or 44% of all tax filers, would have no income tax liability and most of those would get a check from the IRS each year." (Editorial, "Obama's 95% Illusion," The Wall Street Journal, 10/13/08)

The Wall Street Journal: Barack Obama's Tax Plan Has "Several Sleights Of Hand." "It's a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he's also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of 'tax cut.'" (Editorial, "Obama's 95% Illusion," The Wall Street Journal, 10/13/08)

· New York Post: "[O]bama's 'Tax Cuts' Really Amount To A Sizable Expansion Of Welfare." "In other words, Obama's 'tax cuts' really amount to a sizable expansion of welfare. That leaves American taxpayers to foot the bill - both directly, and through the lost economic opportunity that's sure to follow Obama's promised tax hikes on income, dividends and capital gains." (Editorial, "Ready, Set … Spend!" New York Post, 10/14/08)

· The Washington Times' Donald Lambro: Some Say Barack Obama's Tax Plan Looks "Suspiciously Like Welfare." "Barack Obama says he will give 95 percent of all American workers a tax cut but does not mention that his plan would send checks to tens of millions of tax filers who pay no personal income taxes - payments that critics say look 'suspiciously like welfare.'" (Donald Lambro, "Obama Tax Cut 'Refunds' Those Who Don't Pay," The Washington Times, 10/13/08)

· Americans For Tax Reform: "'Refundable Tax Credits' Means That If You Zero Out Your Income Tax Liability, The Government Gives You A Welfare Check. This Isn't An Income Tax Cut—It's Spending." "Most of the 'tax cuts' Obama claims credit for is in fact spending. 'Refundable tax credits' means that if you zero out your income tax liability, the government gives you a welfare check. This isn't an income tax cut—it's spending. According to the Tax Foundation, one-third of households don't have an income tax liability." (Americans For Tax Reform, "Americans For Tax Reform Calls Obama 'Tax Calculator' Inaccurate And Misleading," Press Release, 10/14/08)