Tax plans evaluated.... Can we put to rest that Obama is raising taxes for people who make 50 grand a year, or whatever figure we want to use that is clearly less than wealthy....
McCain's Tax Plan Aids Wealthy, Says Group
By Perry Bacon Jr.
A detailed analysis of the candidates' tax plans confirms one of Barack Obama's top arguments against John McCain: the Arizona senator's proposals would offer substantial benefits to wealthy Americans.
An analysis of both campaigns proposals by the Washington-based, nonpartisan Tax Policy Center found that for people with incomes between $66,354 and $111,645, Obama's proposals would cut their taxes by more than $1000, compared to around $300 under McCain's plan. But for Americans with incomes above $603,402, Obama would raise their taxes dramatically, by more than $115,000 a year, while McCain would cut them by $45,000.
"The Obama tax plan would make the tax system significantly more progressive by providing large tax breaks to those at the bottom of the income scale and raising taxes significantly on upper-income earners," the group concludes. "The McCain tax plan would make the tax system more regressive.... It would do so by providing relatively little tax relief to those at the bottom of the income scale while providing huge tax cuts to households at the very top of the income distribution."
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http://blog.washingtonpost.com/the-trail/2008/06/12/mccains_tax_plan_aids_wealthy.html
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The Obama Campaign Today Thursday, June 12
On tap for today:
Tomorrow, on day four of our Change that Works for You economic tour, Obama will visit Kaukauna, Wisconsin, outside of Appleton, where hell discuss his middle class tax plan. Obama will also meet with the first in a series families who will help to demonstrate the relief American families will get from his plan as opposed to the policies of President Bush and John McCain. The event comes on the heels of a new Tax Policy Center report showing that one quarter of the tax benefits in John McCains plan benefit people making more than $2.8 million, and that Obamas plan offers three times as much tax relief for the middle class.
Obama will visit with these tax relief families periodically on the campaign trail, and hell be discussing their stories every time he talks about tax reliefbecause this isnt about numbers on a chart, its a bout real relief for struggling families.
New study: Obama offers three times the tax relief for the middle class
A new report from the non-partisan Tax Policy Center confirms what we already knew: Barack Obama economic proposals do more far more for middle class families and the economy than John McCains plan.
While McCain is fond of the false claim that Barack Obama will raise taxes, the new independent report finds that Obamas tax plan will offer middle-class families three times the tax relief that theyd receive under McCains plan. Instead, McCain gives tax cuts to the rich: one-quarter of the benefits in McCains plan go to households making over $2.8 million annually.
The same independent study shows that John McCains budget proposals would increase the deficit over the ten years by $628 billion, even when you make generous use of George Bushs gimmicks to hide the true cost. By contrast, the report found that by repealing tax cuts for the wealthy and closing corporate tax loopholes, Barack Obamas plan would create enough revenue to pay for his middle-class tax cuts, while also paying for his health care plan.
And while McCain repeatedly points to his promise to eliminate earmarks, he refuses to name all the wasteful spending programs that hed eliminate, and repeated analyses show that his claim that hed save $100 billion is, as one analysis describes it, largely fantasy.
McCains promise to continue George Bushs tax breaks for the wealthiest Americans and give big corporate interests a tax cut would cost $300 billion a year. But even the Wall Street Journal noted that McCains proposal to eliminate earmarks would not cover the cost of all of his tax cuts.
If he cant come clean and explain specifically how hed pay for the rest of his plan, its clear that, John McCains talk of reform simply doesnt add upjust like his tax math. Americans cant afford another four years of the George Bushs soaring deficits and relief for the wealthy instead of the middle class, and thats exactly what John McCain is offering in this election.
Must-Reads:
MSNBC (Mark Murray) Post-primary bump for Obama: Days after becoming his partys presumptive nominee and receiving an endorsement from his chief rival, Hillary Clinton, Democrat Barack Obama has opened the general election campaign with a six-point edge over Republican John McCain, according to the latest NBC News/Wall Street Journal poll. Obama leads McCain among registered voters, 47 to 41 percent, which is outside the polls margin of error. In the previous NBC/Journal survey, released in late April, Obama was ahead by three points, 46-43 percent. LINK
http://www.msnbc.msn.com/id/25096620/
Nashua Telegraph (Kevin Landrigan) Analysts say Obama offers three times the tax break for middle class: The tax cut plan of Democratic nominee to be Barack Obama offers three times the break for middle class families than proposals of likely Republican nominee John McCain, according to analysts working for a left-leaning think tank. Families making between $37,595 and $66,354 of annual income with Obama would get an average tax cut of $1,042 per family while McCains tax cut for this group would be $319, the report states. LINK
http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20080611/NEWSBLOG/244217910
Wall Street Journal (Deborah Solomon) McCains Tax Plan Favors Wealthiest, Analysis Says: Both John McCain and Barack Obama promise to cut taxes for the majority of Americans. But an Obama administration would redistribute income toward lower- and middle-class households, while a McCain White House would steer the bulk of the benefits to the wealthiest families, according to a nonpartisan analysis of the still-evolving tax plans of the presidential candidates. LINK
http://online.wsj.com/article_print/SB121319990210164643.html