First Obama was for small budget deficits. Then he decided he really wanted more investment. For a while it looked like he was going to support universal health care. But now he wants young poor workers to subsidize rich old men and women.
My Way News – Obama’s ‘no income taxes on seniors’ draws critics
WASHINGTON (AP) – If you’re a senior citizen and earn less than $50,000 a year, Barack Obama has a deal for you: a life free of federal income tax.
Sounds appealing, right? Maybe to many seniors. But tax policy experts in Washington are giving it bad reviews. They see it as another subsidy for senior citizens, who already get federal help through Social Security and Medicare and often have economic advantages over other demographic groups.
Seniors typically have paid off their mortgages, many have investments and usually don’t pay taxes on their Social Security benefits. The kids are usually grown, so they’re not saddled with day care or college costs.
“The odds are the retired folks – they’re getting pensions, they’re getting Social Security, they have investment assets, they own a house – so … they’re better off than somebody who is 30 or 40 years younger who’s trying to buy a house (and) trying to start saving,” said Clint Stretch, managing principal of tax policy for Deloitte Tax.
What is Obama thinking? Is he serious? I realize he is not much smarter than George W. Bush was in 2000 when it comes to policy, but even Bush’s income tax cuts could theoretically have worked.
Obama’s tax plan looks like a bigoted attempt to buy off the vote of rich seniors, forcing young workers who are trying to afford health insurance, buy a home, or pay off their student loan to subsidize those with a lot more wealth than they have.