On Thursday thousands of Americans took to the streets to protest higher taxes and big spending and big government. Yet all Obama could say was, "they should be thanking me." because he thinks he has cut taxes.
Let me make this clear. He has not. He has raised the cigarette tax, he has raised taxes on medical devices, tanning, condoms, health care plans, cars, and more.
What he is referring to are his little tax credits. Example the home buyers tax credit. Tax credits are not reductions in tax rates, but a form of government spending. It's just instead of spending money to build a bridge, it spends money on people to buy homes. A government investment. And like all government spending, how is that paid for? By taxes of course.
So really in that sense he raised taxes even more to use his home buyers subsidy. Perhaps these taxes could be part of the reason why personal income rates fell by an average of 4% in 2009.
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