Tuesday, October 21, 2008

More on Obama's "Tax Cuts"

Writing in the Wall Street Journal today, William McGurn walks us through the Obama tax plan and shows that not only is it essentially an income redistribution scheme but also a further disincentive to work, at both ends of the income scale.

And that leads us to the heart of this problem. If the government is going to give tax cuts to 44% of American based on their Social Security taxes -- without actually refunding to them the money they are paying into Social Security -- Mr. Obama will have to get the funds elsewhere. And this is where "general revenues" turns out to be a more agreeable way of saying "Other People's Money."

This is essentially the same point I was making in my earlier post. Cut through the Doublespeak and what you have left is a straight up confiscation and redistribution of money from people who worked for it to people who didn't. "From each according to his ability, to each according to his need." Sound familiar?
Share |

No comments: