I think you are making an assumption that all of Obama's tax cuts will be refundable tax credits, I don't think that will be the case, though we might see some.  And, really, what is the difference between that and Bush's $600 economic stimulus plan - he sent $600 to every individual who filed a return whether or not they paid any taxes, didn't he?  Those who pay the least in taxes make the least money and probably need it more than anyone else.

Normally, I would agree with you - a refundable tax credit is welfare and generally its bad policy.  However, in times like these a little welfare coming from the federal government takes some of the burden off of the broke state and local governments who normally provide it.  And, utilizing the tax system to do it is probably more efficient than trying to do it through state agencies.

The last time a democrat cut taxes was 1993.  As part of the 1993 Economic Plan, President Clinton cut taxes on 15 million low-income families and made tax cuts available to 90 percent of small businesses, while raising taxes on just 1.2 percent of the wealthiest taxpayers.  I was no fan of Clinton, but for three years in a row he reduced the deficit and in 1994 we had the lowest combined rate of unemployment and inflation.  As much as I despised him, the economy fared quite well under democratic leadership.

In any regard, I think your criticism comes a little early... the details of Obama's plan haven't even been released yet. 

Best,
Robert A. Franco
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