Friday, October 31, 2008

Redistribution You Can Believe In

Rich Lowry, writing at National Review Online, says Obama's "tax cut" plan is actually one of the biggest government welfare programs ever introduced.
Obama's plan wouldn't, like cuts in marginal tax rates, increase the incentive to work, invest or save. In fact, the opposite. As tax credits phase out, they increase marginal tax rates. But for Obama, his plan is a matter of justice rather than economics.

When in a Democratic primary debate Charlie Gibson of ABC News pointed out to Obama that increasing the capital-gains rate in the past has initially reduced revenue, Obama replied that he wanted the increase "for
purposes of fairness." ...

But Obama's tax program pursues a foolhardy goal -- redistribution for its own sake -- in an unworkable manner. As Alan Reynolds of the Cato Institute has written, between his tax credits and other proposals, Obama is seeking to balance some $4.3 trillion of new spending over the next 10 years on the top 5 percent of earners. ...

American workers should beware the siren song of "the Redistributor."
Follow the link below to read the full column:

Republican National Committee: In Case You Missed It - Redistribution You Can Believe In

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