My Own Political Party

Obama likes to claim that 95% of Americans will see a tax cut under his administration. Don’t hold your breathe. If you think that you will actually get more money in your pocket from your paycheck, you may have to think again. Obama’s plan involves “tax credits”. Here are the credits he plans to give:

- A $500 tax credit ($1,000 a couple) to “make work pay” that phases out at income of $75,000 for individuals and $150,000 per couple.

- A $4,000 tax credit for college tuition.

- A 10% mortgage interest tax credit (on top of the existing mortgage interest deduction and other housing subsidies).

- A “savings” tax credit of 50% up to $1,000.

- An expansion of the earned-income tax credit that would allow single workers to receive as much as $555 a year, up from $175 now, and give these workers up to $1,110 if they are paying child support.

- A child care credit of 50% up to $6,000 of expenses a year.

- A “clean car” tax credit of up to $7,000 on the purchase of certain vehicles.

Now here is the catch. You can earn these “credits” even is you pay NO INCOME TAX! So, if you are currently paying ZERO income tax, these rebates can be yours. Obama is simply redistributing your hard earned money. Even if you get some of the “credits” other taxes that you pay will be given to those that pay NO TAXES at all.

Take a look at this graph from the Wall Street Journal. Think your taxes will go down. Think again.