Saturday, October 18, 2008

Spreading the Wealth Around

"So when Barack Obama says he wants to 'spread the wealth around,' what he's really talking about is redistributing wealth through the tax system by forcing higher income earners not only to pay a disproportionate share of taxes but to fund cash transfers to those earning less. Sen. Obama's proposed tax plan includes provisions for what he calls refundable 'tax credits' for low-income Americans, many of whom don't pay any federal income taxes. In other words, those who already pay no taxes would be sent a government check equal to the 'credits' in Obama's plan, including 6.2 percent of income of those earning up to $8,100 and a refundable 'credit' of 10 percent of mortgage interest paid by those who don't itemize."

A lovely way to buy your vote.