Obama’s 95 Percent Myth

I’m watching the third and final Presidential Debate between Barack Obama and John McCain. I’ve heard for the umpteenth time from Senator Obama that he will cut taxes for 95% of the American population. This cannot be true. Almost 40% of Americans have zero tax liability. I repeat, 40% of Americans do not end up paying any taxes and in many cases receive tax refunds. Senator Obama does plan to raise taxes on people making more than $250,000 a year, and balance that with refundable tax credits (not deductions, credits) for people on the low end of the pay scale. What’s important about a refundable tax credit is that once that money is used to offset taxes, the remainder ends up in the person’s pocket. Senator Obama is not simply going to increase taxes on the rich and decrease taxes on the poor – he’s going to increase taxes on the rich, and give that money to the poor. That’s income redistribution, and I vigorously oppose it.