Redistribution of wealth becomes ‘biggest middle-class tax cut in history’
Original post made by jimf01, another community, on Sep 7, 2011
A serious distortion of fact that the Washington Post has called the President on, the White House has backed up a claim that the President made over the weekend:
"We said working folks deserved a break, so within one month of me taking office, we signed into law the biggest middle-class tax cut in history, putting more money into your pockets."
The White House says that the President was referring to the "Making Work Pay" tax credit. You remember this one, it is the credit that reduced the withholding from your paycheck, adding about $8 a week to the average workers check for, you got $400 back. You do remember all that extra cash, don't you?
Now, the Washington Post points out that President Kennedy and President Bush both signed off on tax cuts that were bigger in terms of dollars.
What the WaPo doesn't point out is that President Bush signed off on an actual tax cut. MWP was a temporary credit, and didn't change tax rates. The paper also fails to mention that this was created as a refundable credit, which means that people who already did not earn enough to owe any taxes got the credit as well. Now there are few people (myself included) who would begrudge people earning a meager paycheck a couple extra bucks, but the point is that you cannot be given a 'tax cut' if you aren't paying taxes!
Obama lied, the economy died.
Vote ABO in 2012, Anybody but Obama.