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Tax cut plan dubious

Posted: October 11, 2008 9:28 p.m.
Updated: December 13, 2008 5:00 a.m.
 
The Congressional Budget Office reports 40 percent of wage earners pay no federal income tax.

In fact, many get an additional “refund,” called earned income credit, which means they get a free check in the mail in addition to keeping all of their income. The Congressional Budget Office also reports that 60 percent of lower earners pay just 1 percent of federal income tax, while the 1 percent highest income folks earn 22 percent of the national income while paying 40 percent of the federal income tax.

Obama says he is going to give a tax break to 95 percent of workers. How can a “tax break” happen to 95 percent of earners if only 60 percent actually pay taxes? Call it for what it is: another massive freebie to add to the national deficit.  We need to have our eyes open wider than our wallets will be after our politicians passed the $700 billion bailout and if we elect Obama with his intended $800 billion in socialist programs.

Only tax the rich? My foot. One percent of earners cannot possibly pay nearly $2 trillion in “extras.”

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