Baracka wants to make it easier for you to file taxes. In fact, he’s proposing something that lets the Federal Government calculate your taxes for you!
Here’s the synopsis:
(1) Create a new “Making Work Pay” tax credit of up to $1,000 for America’s working families
(2) Create a new universal mortgage interest credit that will benefit low and middle-income
(3) Honor America’s seniors by eliminating income taxes for those making less than $50,000 per year
(4) Simplify tax filings so millions of Americans can do their taxes in less than 5 minutes
(5) Eliminate special interest loopholes and tax breaks and crack down on international tax
The “making work pay” idea is OK, but it rewards two-working parent families, and barely assists single-income families. The $1000 isn’t going to cover much day care.
The “new, universal mortgage interest credit” is a boondoggle. His policy states “The current mortgage interest deduction excludes nearly two-thirds of Americans who do not itemize their taxes.” Who owns a home and doesn’t itemize their deductions? Effectively he wants to give a 10% mortgage credit to people who earn less than $50,000 a year. People who earn that little aren’t typical homeowners, especially on the West and East Coasts. And if you do own a home and itemize deductions, odds are you’ll be passing 10% if you earn $50,000 a year in deductions. Bear in mind this is a tax deduction, so you don’t get any credit from the government. This just bottoms out at 0 tax owed, and most families I know that earn under $50K hit that every tax cycle.
3) Eliminating the need for seniors to pay income tax. Fine. That was Clinton’s idea anyway. But we’ve had 3 tax credit programs. Where is that money going to come from? Notice how that magic number is always $50,000? Well, guess what happens when you earn more than $50,000 a year? That’s right. You’ll be paying the difference, middle class.
4). Simplify tax filings. Let the government do it for you! What a BRAINDEAD STUPID IDEA. Seriously, I want the IRS determining how much I owe? No thanks.
5) Tax the rich! Hey, someone’s got to pay for all these new tax incentives he’s throwing at voters.
Obama’s tax code proposal states, right near the top, this:
Barack Obama will stand up to the special interests and restore fairness to the tax code. Obama’s tax fairness plan will reward work and provided needed tax cuts to America’s workers. His five-part plan will provide a tax cut to over 150 million workers and their families.
Remember– when a politician starts asking for fairness, he/she realyl wants to be as unfair as possible. 150 million may get a break, but the other 150 million are going to have to cough up to balance this “cut”.