Mr. Obama claims to offer a tax cut to moderate-income families, but a significant portion of Mr. Obama's tax plan is a welfare giveaway costing more than $648 billion over 10 years, according to the Tax Policy Center.
How so? He would authorize a hodgepodge of refundable tax credits covering everything from education, mortgage payments, child care and other items for people who do not pay income taxes now.
About 38% of U.S. households pay no income tax today. Under a President Obama (whose policies would shave 15.3 million households off the tax rolls) that share would grow to nearly half of all American households.
We have been repeatedly told that everyone should pay their fair share. So this sounds grossly unfair and like a return of tax-and-spend liberal economics. No wonder there is a lot of doubt about the wisdom of the junior senator from Illinois.
Mr. Obama's health-care proposal is not quite HillaryCare, but it comes close. A national health insurance, heavily subsidized by taxpayers, would be offered to the currently uninsured. Mr. Obama's instincts on health care are always to move more people onto rolls of government-paid and government-mandated insurance, while depriving the marketplace the oxygen it needs for greater innovation, life-saving cures, and efficiency.
Americans have heard the refrain for government-provided health care before and know an expensive government giveaway when they see it.
Mr. Obama's energy policy is to drill less, consume less, tax more, and spend more. With barely a nod to nuclear energy -- the only meaningfully large, carbon-free source of domestic energy -- he is promising a massive increase in domestic, noncarbon-based energy from sources that produce only a fraction of our energy now.
He has also proposed massive tax increases on U.S. oil and gas companies while continuing to cut off vast swaths of U.S. territory to drilling.
Wednesday, September 03, 2008
Why Obama Can't Close the Sale - WSJ.com
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