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      08-28-2008, 10:26 PM   #11
BKsBimmer
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Quote:
Originally Posted by ganeil View Post
You cannot be serious. Obama's economic plan includes a number of fully refundable tax credits. That means you get the "credit" even if you did not pay the tax to begin with. A person that paid $0 in federal income tax would be entitled to thousands of dollars in tax credits. That money came from someone else. That is wealth redistribution.
You must be getting your mis-information from FOX News or some right wing blog, but you are absolutely mistaken. The tax credits Obama is proposing apply only to working class middle Americans to offset payroll taxes, which means they have payed the tax.

You and I both know that the overwhelming majority of people who pay $0 in federal income tax are wealthy people who are able to exploit tax loopholes.

Obama's actually tax plan is as follows:

Obama will cut income taxes by $1,000 for working families to offset the payroll tax they pay.

* Provide a Tax Cut for Working Families: Obama will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.

* Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama plan, 27 million American seniors will also not need to file an income tax return.

* Simplify Tax Filings for Middle Class Americans: Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
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