Obama Talks Nonsense on Tax Cuts
Revenues will inevitably be diverted from Social Security.
politics, taxes, elections, scandal, left wing, Democrats, nanny state, liberalism
October 21, 2008, by WILLIAM MCGURN
Now we know: 95% of Americans will get a "tax cut" under Barack Obama after all. Those on the receiving end of a check will include the estimated 44% of Americans who will owe no federal income taxes under his plan.
Just two little questions: If people are going to get a tax refund based on what they pay into Social Security, then we're not really talking about income tax relief, are we? And if what we're really talking about is payroll tax relief, doesn't that mean billions of dollars in lost revenue for a Social Security trust fund that is already badly underfinanced?