Obama's Magic

And now, America, we introduce the Great Obama! The world's most gifted political magician! A thing of wonder. A thing of awe. Just watch him defy politics, economics, even gravity! (And hold your applause until the end, please.)

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.

not sure, but what needs to be said is that the 95% is complete BS. Most people don't pay income tax anyway so by cutting them he is increasing refunds to people who already don't pay with EIC. So if someone makes less than $20K a year, is a single parent of 2 and has no real property, they would get Food stamps $400 - $500 a month, plus a tax credit for 2 dependents and would get a tax refund of about $3000+ even though they paid no taxes. Under Obama's plan that same person would get even more back for not paying taxes and making less than a livable wage.

However, he is going to raise taxes on everyone who makes $250K + a year so he can give the welfare recipient a bigger tax refund. Most small businesses file as an individual so your boss will have a tax increase on his business so he will pass that on to you and his customers by raising prices and laying you off.

Now the welfare recipient has to spend their "tax refund" to pay for all the things he/she got cheaper before they got a tax cut plus they're are more of them out of work.

More people out of work means the Government has to raise more money to give food stamps to all the newly unemployed so Obama raises taxes again, causing prices to go up again and more people losing their jobs. Pretty soon we will all be out of work completely dependent on the government and Obama and his ilk have their socialist society.

Then there's the capital gains tax..If you make money we are going to punish you. So the rich say screw it, I won't make anymore money, I'll just keep what I got. No new investments, no new jobs, no reason to put money into R&D to make things better and cheaper, no need to make things more efficient because that will make money....the cycle goes on and on.

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