Adam Smith, revered philosopher of market capitalism, advocated tax fairness as far back as 1776, the fateful year when he published the first edition of âThe Wealth of Nations.â .........
In 1986, Reagan signed legislation greatly increasing the earned income tax credit, a credit for low-income workers that reduces the impact of payroll taxes in order to boost take-home pay above poverty levels. When the credit is more than the amount of federal income taxes owed by an individual, that person receives a tax ârefund.â Reagan praised the earned income tax credit as the best âanti-povertyâ and âpro-familyâ legislation ever enacted by Congress.
In other words, there's no indication the John McCain has the faintest clue what "socialism" means. It's just a bad word he can throw at Obama in a desperate attempt to scare those people who are scared of him because he's black. (What? Why else does he call Obama's income tax rebate for the working poor "welfare"?) And let's never forget the fundamental dishonesty of saying those people "don't even pay taxes". Has McCain never heard of sales tax or property taxes or payroll taxes?
