One of the things to remember when listening to a liberal is that definitions and perceptions matter. That’s why, when you hear Sen. Obama say “tax cut” you need to think “redistribution”. The funny thing is, who knew that when he said “$250,000” or “quarter-million” he really meant “$50,000”.
Yet Another Fun Numbers Game
Right now we are still under the graces of the Bush Tax Cut, which lasts until 2010. In 2010, the tax cuts expire unless they are made permanent or extended by the next administration.
This is where Sen. Obama gets his charge that Sen. McCain wants to give a tax cut to the wealthy. It’s not that he’s giving them a new tax cut—it’s that he’s extending, or making permanent, the Bush Tax Cut.
The funny thing is, Sen. Obama doesn’t mention that he wants to let the Bush Tax Cut expire. He just talks about lowering taxes on the middle class. And he has a sliding definition of what that is—depending on who you talk to and when it, could be as low as $150,000.
Here’s the Catch
In 2010, if the Bush Tax Cut is not reinstated, taxes will actually rise on those making as low as $50,000. So, while it may be true that if a President Obama did get a tax bill through cutting taxes on people that don’t already pay them, in 2010 there is a built-in tax hike.