95% Getting Tax Cut

Mr. Obama is saying he will cut taxes for 95% of the populace. This sounds wonderful until you realize that 40% pay NO income taxes in this country now.

There are child credits, there are earned income tax credits among other things. Now... here is what he probably meant to say. We are going to give you MORE in credits. He simply can not say he is going to cut the taxes of 95% when 40% don't currently pay any.

I am taking a tax course presently and I asked the instructor today if he or his company ever chatted about whether or not a flat tax would affect their business. Or, I asked, is the possibility of a flat tax so remote you don't ever worry. He said it had never been a topic of discussion. A sad commentary I'd say.