Saturday, October 18, 2008


Bret McAtee makes a great observation at The Backwater Report:

Presently, the bottom 40% of income earners pay zero income taxes. The top 20% pay 80% of all the federal income taxes. Therefore, it is not possible to give the bottom 40% a tax cut because they pay no money to the government. So this begs the question: How is Barack Obama proposing to give a tax cut to 95% of Americans?

The truth is that he is not going to give a tax cut to most Americans; it is not possible. Instead, he is going to give welfare subsidy to the bottom 40%. This subsidy Obama is calling a ‘tax cut,’ but in reality it is a tax increase in an attempt to redistribute wealth.

McCain doesn't escape unscathed, either. Here's the very next paragraph:
However, the problem is that the Republican candidate is likewise offering socialistic solutions in the time of a desperate economy. McCain’s proposal that the Federal Government buy up bad mortgages is disastrous. Home ownership is no more an American right then is health care and the government guaranteeing bad decisions on purchased homes penalizes those who didn’t make bad decisions on home purchases. In point of fact, McCain’s proposal on buying bad mortgages with a view to negotiating mortgages downwards is an incentive for all of those who are paying mortgages to suddenly discover they can’t afford their mortgages. McCain’s proposal is socialist insanity.
Read the full post, titled "Socialists Everywhere."

No comments: