Archive for the ‘Tax Credits’ Category

Obama’s Tax-And-Spend Plans

July 8, 2008

From “The Morning Bell,” an e-mail newsletter of the Heritage Foundation:

According to the nonpartisan Annenberg Political Fact Check, Sen. Barack Obama’s tax plan would increase gross tax receipts by $103.3 billion in 2011 alone. That number by itself would make it the largest single-year tax increase in American history since World War II, and measured as a percentage of gross national product, it would be the fifth-largest tax increase since 1943.

Even with these record-breaking levels of taxing, Obama still would not be able to cover all of his promised increases in domestic spending. Commenting on Obama’s tax and spending plans, Clinton-era Office of Management and Budget official Idabel Sawhill tells the Los Angeles Times: “I don’t think it all adds up.”

Absorb all of that while you watch this great anti-tax spoof of an anti-war ad by MoveOn.org:

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An Encouraging Tax Statement By Bush

February 5, 2008

President Bush unveiled his fiscal 2009 budget yesterday. It included this encouraging statement about taxes: “I will not jeopardize our country’s continued prosperity with a tax increase. Higher taxes would only lead to more wasteful spending in Washington –putting at risk both economic growth and a balanced budget.”

I’m glad that Bush, unlike his father as president, has proved true to his word on taxes during his seven years in office. Our family is especially grateful for the decision to double the adoption tax credit to $10,000 and peg it to inflation a few years ago. That move significantly eased the financial burden we faced in adopting two daughters and hope.

Congress should make the adoption tax credit and Bush’s other  permanent soon. Read my lips, no new adoption penalties.