They are an illusion. They won’t happen. Here – read the Wall Street Journal. You’ll see what I – and others – are talking about. Obama’s 95% Illusion
Check out the chart below, and tell me where you see Obama’s famed “tax cuts.” Where does the blue line dip below the green one? Don’t see it? That’s because it doesn’t exist. He has no intention of giving out any tax cuts. What he plans to do is “redistribute the wealth,” implement “economic justice.” In regular-person speak, that’s called socialism. And it’s FAILED every time it’s been tried. You simply can NOT tax a society into prosperity, period. That’s just basic economics.
Think you’re exempt because you’re a “low-income wage earner”? You need to understand this, and the WSJ said it best:
There’s another catch: Because Mr. Obama’s tax credits are phased out as incomes rise, they impose a huge "marginal" tax rate increase on low-income workers. The marginal tax rate refers to the rate on the next dollar of income earned. As the nearby chart illustrates, the marginal rate for millions of low- and middle-income workers would spike as they earn more income.
Under Obama, your tax rate will spike. The politics of hope and change? What Obama really means when he says that is that you’ll hope there’s change left in your paycheck after Obama’s through taxing it.
“I think when you spread the wealth around, it’s good for everybody." Barack Obama