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Obama And 'Tax Cuts' - Come Again?

Yesterday, our friend Bookworm wondered if Obama was conceding that raising taxes hurts the economy when he appeared on ABC's Sunday show, This Week.

"Even if we're still in a recession, I'm going to go through with my tax cuts," Obama said. "That's my priority."

What about increasing taxes on the wealthy?

"I think we've got to take a look and see where the economy is. I mean, the economy is weak right now," Obama said on "This Week" on ABC. "The news with Freddie Mac and Fannie Mae, I think, along with the unemployment numbers, indicates that we're fragile."

How magnanimous. The economy is hurting, yet he is still going to let you keep more of the government's money. That first sentence probably belies any economic/tax/revenue/Laffer epiphany by Obama.

But its that first sentence above is what caught my eye: "I'm going to go through with my tax cuts."

Come again? What cuts would those be? Forgive, but I don't dedicate both eyes to politics. Pakistan if falling apart, al-Qaeda's insurgency there is morphing from slow-motion to a dead sprint, and Iran is beginning to bypass Syria in its dealings with Hizballah. More than one eye is clearly watching events far more important that parsing The One.

So I will ask the Wizbang readers to pool resources and find out exactly what taxes - specifically - he has proposed cutting. Not rhetorically, but specifically. Because it sure is news to me.

Here is what I suspect. The taxes Obama would cut may well be for those at the bottom end of the tax generating spectrum. As someone who has actually been there as a single parent, when Earned Income Credit is taken into account, these families are not net tax payers, but net tax consumers, receiving more in refunds with EIC than paid into the system.

Now, this is not a bad thing, per se. I can tell you that it is helpful when hurting. But at the same time, we are talking about net tax consumers here. Cutting taxes here would not be a tax cut inasmuch as it would be an increase in disbursements of tax revenues from other sources. And as such, can we really call this - if in fact this is his intended 'cuts' - a tax cut?

So, readers, where are his specific proposals for a cut in taxes?



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Comments (16)

His tax cuts are filed righ... (Below threshold)
epador:

His tax cuts are filed right next to his religion. Hope he can tell them apart.

I would guess that he is re... (Below threshold)
WildWillie:

I would guess that he is referring to "earned income credit" probably going to make more people eligible to NOT pay taxes. ww

Yes, Obama's 'Tax Cut' is s... (Below threshold)
Reality Check:

Yes, Obama's 'Tax Cut' is simply a check from the government to people who did not pay any tax.

From each according to their ability, to each according to their need.

Wait guys, I would be willi... (Below threshold)
nehemiah:

Wait guys, I would be willing to change my vote to Obama if he really does mean tax cuts, and if he:

1) has a genuine road to Damascus moment and becomes a true Christian and condemns his previous muslim faith

2) genuinely changes his position on abortion to exactly match that of Gov. Sarah.

3) he decides that he would be the candidate to be more conservative than Pres. Bush and praises the current administration -- and shows that he is serious by dumping Biden and picking B. Jindal as his running mate.

Where are his tax cuts? </p... (Below threshold)
JLawson:

Where are his tax cuts?

In his wetware, filed under "Vaporware".

No one can find anything sp... (Below threshold)
Steve Schippert:

No one can find anything specific amid the tomes of Obama media coverage?

Surely there's something...

Thanks for looking.

In the mean time, a morning treat:

PrincipalAnalysis: Al-Qaeda's Progression On Pakistan's Demise

I thought that Mr. Obama ha... (Below threshold)

I thought that Mr. Obama has been pretty clear that some minor tax increases on those earning over $250,000 just to shore up Social Security were needed. Otherwise he supports a tax cut for most Americans, including a $1000 middle class tax cut to boost spending and the economy.

Mr. Bush gave a $300 economic stimulus check to many Americans which helped the economy somewhat, so there is little reason to doubt that a $1000 Obama tax cut will not have the same effect.

#7. Posted by Paul Hooson "... (Below threshold)
Upset Old Guy:

#7. Posted by Paul Hooson "including a $1000 middle class tax cut"

Paul, are you referring to the $1000/family plan? The "excess profits" from big oil that Obama wants to confiscate? Please explain to us, how is a handout is a tax cut? And please keep you answer short like your previous post, I'm too old to "invest" a lot of my remaining time in reading one of your longer posts. "Invest", get it? A little Clinton-speak, just to show how bi-partisan I can be.

I believe I read somewhere ... (Below threshold)

I believe I read somewhere that THE ONE wants to cut or eliminate capital gains taxes for small business start-ups. You know people very unlikel to have any capital gains.

Paul -So how much,... (Below threshold)
JLawson:

Paul -

So how much, in your massive business experience, is that $1000 check gonna cost each of us? Don't forget bureaucratic markup, collection and processing costs, salaries for all the people involved in getting it sent out... I'm estimating a 30% cost tacked onto the base grand - what you do think?

And question 2 - why couldn't we be allowed to keep the money in the FIRST damn place, instead of sending to the government and getting it back?

Before agreeing that tax cu... (Below threshold)
dsc:

Before agreeing that tax cuts are always good, so let's look at some analysis of how tax tax cuts over the past few years probably didn't really help the economy:

http://www.bloggingstocks.com/2008/09/08/the-bush-administrations-tax-cut-didnt-increase-investment-and/

DSC-Some other time,... (Below threshold)
tyree:

DSC-
Some other time, please.
We don't want to change the subject. When and where, how much and for whom were the Obama tax cuts planned?
I remember the one Steve Macklin mentioned. Are their any others?

One can start here for a su... (Below threshold)
Glen:

One can start here for a summary from the candidates own website

http://origin.barackobama.com/taxes/


Middle class families will see their taxes cut - and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.


The full tax plan is here

http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf

And the Tax Policy Center compares both Obama and McCain

http://www.taxpolicycenter.org/numbers/listdocs.cfm?topic3id=89&DocTypeID=2

Since When?... (Below threshold)
epador:

Since When?

"Eliminating Income Taxes f... (Below threshold)

"Eliminating 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 will eliminate taxes for 7 million seniors - saving them an average of $1,400 a year-- and will also mean that 27 million seniors will not need to file
an income tax return at all."

That's from the same page Glen referenced. Note that this proposal would entirely eliminate our tax bill. Note that I'm still voting for McCain.

Why? Because what little it puts back in my pocket would be taken (times three) from the pockets of my children.

They need that money because they are going to pay for my nursing home ;-)


The demacrook party dont wa... (Below threshold)
Spurwing Plover:

The demacrook party dont want tax cuts they want tax incresses they want to tax us from cradle to grave to fund their crazy ideas i mean its the fact that ROBERT BYRD is the reigning KING OF PORK in the place of crooks




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