McCain's new ad says that Obama plans to impose "painful tax increases on working American families" and past ads have said Obama wanted to raise taxes on "families" making just $42,000 a year.Check out the whole article.
Here's the truth: Obama's plan would substantially cut taxes to all but the wealthiest families — far more than McCain's tax plan would. But if you're yearning for some more hefty tax cuts for the nation's rich, then McCain's your man.
The nonpartisan Tax Policy Center has analyzed both campaigns' tax plans and found that Obama's would cut taxes for 81.3 percent of all households and for 95.5 percent of households with children.
Going with Obama's plan, according to the center, would reward middle-income taxpayers to the tune of $2,200 in tax cuts annually by 2012. While taxpayers in the top 1 percent of income would face an average tax increase of $19,000.
Under McCain's tax plan, middle-income taxpayers would see a rise of $1,400 in after-tax income by 2012. But for those in the top 1 percent, McCain would cut their taxes by more than $125,000 annually.
McCain's plan would increase the national debt by $5-trillion by 2018, while Obama's plan would increase it by $3.5-trillion, according to the center. Yet McCain's ads warn that Obama's plan would bring about "years of deficits."
Saturday, September 13, 2008
Facts about their tax plans
One of the chief reasons my Republican family is voting McCain is that they think Obama will raise their taxes. And, perhaps he will, since some members of my family make a whole lot of money (a lot more than the typical middle class family who earns less than $250,000 per year). If, however, you fall into that vast group of families who earn under the quarter million a year mark, there is good news for you. Obama will help you more.