BHO: Impossible to cut taxes for 95% of people as 30% don’t pay income tax. See Larry Elder research link below.
What Obama means is “tax credits” : translation, redistribution of wealth, you know, spreading it around, i.e., socialism, like importing Fannie Mae into the IRS. And we know how well that Fannie Mae deal worked out eh?
Here is Obama’s tax plan:
http://www.barackobama.com/taxes/ [Scroll down and notice the impact will be minimal for families and others.]
He claims he will not raise taxes on anyone or on any small business making $250,000 or less.
Does any of this make sense? Obama claims the vast majority of small businesses make less than $250,000. Is that true?
“We say that the overwhelming amount of small business profits in America will face a tax hike” under Obama’s plan.
In the U.S. we generally define a small business as one employing 100 people or less. In the U.S. small businesses provide the vast majority of jobs.
Tax hikes on small business in a recession? That is the surest way to kill jobs. That is the surest way to send us into deep depression, especially in view of Obama’s plan to drastically increase federal spending, which we simply cannot afford, according to the most recent Comptroller General to resign, a Democrat.
When small businesses face increasing costs, especially in a downturn, the first thing they do is cut expenses. In these times, deep cuts will be required, simply to survive. Employees are the most expensive line item in any business. Guess who goes first?
THEREFORE, the Obama tax plan hurts small business, increases unemployment, and takes money from productive sectors of the economy, giving it to lower income groups in amounts that have little or no impact. Everyone loses. Rather than spreading the wealth, Obama spreads misery.
However . .
The trouble with this election: it is being driven by emotions, impressions, feelings, fears, resentments, class warfare and envy.
Facts play poorly if at all in such an environment.
Obama is a master at painting pictures, but behind the canvas, it’s a vastly different story. Once the tax and spend liberal, and proud of it, he now fashions himself the tax-cutting fiscal conservative, but his policies still trend socialist.
Note: The Annenberg Political Fact Check outfit (associated with the Chicago Annenberg Foundation of Obama/Ayers fame) says this is all bunk:
Business people know the truth.
John T. Chambers, CEO of Cisco Systems
Carly Fiorina, former CEO of Hewlett-Packard
Steve Forbes, magazine publisher, former GOP Presidential Candidate (1996, 2000)
Charles R. Schwab, investor and founder of brokerage firm Charles Schwab Corporation
Frederick W. Smith, founder and CEO of FedEx Corporation
Donald Trump, Chairman and CEO of the Trump Organization
Meg Whitman, former CEO of eBay 
“It gives us an insight into the huge gulf between Senator Obama’s election year image and what he has actually been for and against over the preceding decades.”