The Homa Files

This morning, the GOP is crowing and the mass media headlines are reading: “Republicans achieve top goal in Obama tax-cut plan”.
http://news.yahoo.com/s/ap/20101207/ap_on_bi_ge/us_tax_cuts

My take – which I haven’t heard from any pundit yet – is that the GOP fell for a trap.

Interestingly, I don’t think that Team Obama even realizes what it got in the deal.

First, because of the layered tax breaks to low earners, high earners will be paying an even higher proportion of the country’s total income tax tax take.

More important, Obama is one step closer to institutionalizing a tax scheme that has a majority of voters paying zero income taxes (or less).

Think about it: the majority gets to demand more government programs that they don’t pay a cent towards.  I think that’s scary.  Very scary..

* * * * *

See the analysis that I originally posted on July 31, 2008 during the run-up to the election.

It proves the point (ahead of its time)  that less than half of all voters pay any income taxes if / when Obama’s tax scheme is adopted.

It’s the Homa Files post that continues to get the most hits, and the topic is ‘hot’ this week because of the plan to continue the Bush tax cuts.  So, here’s a flashback .

HomaFiles: “My #1 tax beef: Under the Team Obama tax plan, a majority of voters will be paying zero income taxes (or less)”
https://kenhoma.wordpress.com/2009/04/16/my-1-tax-beef-under-the-team-obama-tax-plan-a-majority-of-voters-will-be-paying-zero-income-taxes-or-less/

This entry was posted on December 7, 2010 at 6:59 am and is filed under Obama Administration, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.