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In this morning’s Wall Street Journal, Peter Ferrara picks apart Barack Obama’s tax plan and finds plenty to disgruntle him. Ferrara’s big problem with Obama appears to be the various tax credit proposals that the presumptive Democratic nominee has put forward. But the line that caught my attention was that in bold below, which can be found in Ferrara’s conclusion:
The Obama tax plan would sharply increase real taxes. It also would come nowhere near to paying for the massive increases in federal spending he has proposed, including the spending that is disguised in the form of refundable tax credits. (my emphasis added)
Obama likes to talk about all his phenomenally large spending proposals being “paid for.” The more his proposals are scrutinized, however, the more doubtful that claim appears. And, of course, the idea that to the extent they are paid for, they are paid for by tax increases isn’t particularly consoling, either.