The Path To Wealth Redistribution

From this post at Conservative Hideout 2.0:

Although [the debt failsafe trigger - see THIS] appears to be saying that if the governments spends too much money and drives our nation into bankruptcy, the language is key- entitlements are exempt, welfare is exempt, any ‘low-income programs’ are exempt, anything that might ‘exacerbate an economic downturn are exempt(like ‘investments’ in ‘green energy’ or any other favored liberal project), and most importantly, the spending reduction will include reduction ‘on spending through the tax code.’

So what sort of spending occurs through the tax code that may be cut out if politicians spend too much money on programs that make our nation less wealthy and prosperous and free?

The formal name for ‘spending through the tax code’ are tax expenditures, and these are basically ‘spending’ through the use of the tax code. The sorts of things that the government considers ‘spending through the tax code’ are tax credits, deductions, exclusions, exemptions, deferrals, and preferential rates.

Examples of ‘tax expenditures’ include the mortgage tax deduction, the ‘Bush’ tax cuts, the ‘Obama’ tax cuts, having pensions be tax exempt, dividend taxes, exclusion of taxes your employer pays on health care, tax credits for children, the elimination of the ‘marriage penalty, and many more. A full list of ‘tax expenditures’ can be found in this document.

What Obama is calling for and Democratic legislators are supporting and liberal bloggers are rallying behind is a provision that will automatically raise taxes on families, employers, home owners, retirees, and many more, in order to transfer wealth to low income earners and other politically favorable groups who will be exempt from such a devastating automatic tax increase.

Are WE THE PEOPLE going to stand for Obama's setting us on this road, from which there will be no turning back?