"We learned that Senator Obama's economic goal is, as he told Joe, is to quote "spread the wealth around." He believes in redistributing wealth, not in policies that grow our economy and create jobs and opportunities for all Americans," he said. "This explains some big problems with my opponent's claim that he will cut income taxes for 95 percent of Americans. You might ask: How do you cut income taxes for 95 percent of Americans, when more than 40 percent pay no income taxes right now? How do you reduce the number zero?"
Well, that's the key to Barack Obama's whole plan: Since you can't reduce taxes on those who pay zero, the government will write them all checks called a tax credit. And the Treasury will have to cover those checks by taxing other people, including a lot of folks just like Joe. In other words, Barack Obama's plan to raise taxes on some in order to give checks to others is not a tax cut; it's just another government giveaway.
The Obama tax increase would come at the worst possible time for America, and especially for small businesses like the one Joe dreams of owning. The small businesses Senator Obama would tax provide 16 million jobs in America. And a sudden tax hike will kill some of those jobs at a time when need to be creating more jobs. I'm not going to let that happen.