Capping & Trading on Obama's $250,000 Lie

In explaining their tax plan, the President and his minions continue to repeat two crucial figures: 95 and 250,000. The first is the percentage of Americans the Obudget purportedly provides tax relief to and the second is supposedly the minimum annual income of families who’ll be forced to pick up the tab for the benefits bestowed upon the first. But just as are those the administration proposes for carbon, these caps are easily worked around – for a price.

By now you’ve probably heard these campaign words repeated in one form or another at least a hundred times: “We are going to cut taxes for 95 percent of Americans.” As well as the standard double-talk response when someone points out that nearly 40 percent of Americans don’t actually earn enough to pay federal income tax. That “they do pay other taxes” and the “cut” they’ll receive will be in the form of a “credit” paid for by those who earn enough to pay the taxes that must be hiked to cover those credits. While Karl Marx certainly would have applauded the idea as “from each according to his abilities, to each according to his needs,” we’ll just call it what it is -- plain old fashioned redistribution of wealth at a time we can least afford it.

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