Sen. Barack Obama claims that if only we let him raise taxes on a measly 5 percent of "working Americans," he could do great things.
Well, that sounds just peachy. Tax the rich, give to everyone else. Except there's one little detail the national media don't seem to like pointing out. The math doesn't add up.
Numerous organizations, including the Associated Press, have noted that Obama's proposals spend hundreds of millions of dollars more than his tax hikes raise. What is less well known is that Obama's tax plan itself sends out of Washington far more than it brings in. Obama's campaign twice admits that in the wording of the tax plan.
According to the plan, "his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000." That sounds like he's giving a net tax cut. But much of what he calls "tax cuts" are actually cash payments to low- and middle-income Americans. Ultimately, he sends out of Washington hundreds of billions of dollars more than it takes in....
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