It should always raise suspicion when Democrats, especially liberal ones, begin touting "tax cuts". It's like a saloon owner claiming to endorse prohibition.
The New York Times headline read “Obama Proposes Tax Cuts for Middle Class and Elderly.” The Financial Times headline gave the same impression: “Obama pledges $85bn middle-class tax cuts.” But those headlines are disingenuous.
According to the September 19 New York Times, liberal Democratic presidential hopeful Barack Obama said he would create a tax credit for homeowners who do not itemize their deductions, give a $500 tax credit to workers, and eliminate income taxes for elderly taxpayers who make less than $50,000 a year.
Those acts, totaling $85 billion, sound great, but how’s he going to compensate for these measures and still be able to afford all the entitlements in his platform?