Some food for thought:
Assuming both politicians do exactly what they claim (and therefore, that this image is accurate), your taxes will decrease more under Obama than under McCain unless you earn over $100,000. Only 15 percent of the households of the United States make more than $100,000 a year -- and therefore only 15 percent of the households of the United States will profit more from McCain's tax cuts. Furthermore, the 60% of people who earn less than $60,000 per year will see at least three times as much of a tax cut under Obama's plan than McCain's plan.
So why exactly is John McCain claiming that Obama plans 'painful tax increases on working Americans' when these increases are targeted at the 1% of the population with the most money? (This is a rhetorical question, but feel free to answer anyhow.)
Assuming both politicians do exactly what they claim (and therefore, that this image is accurate), your taxes will decrease more under Obama than under McCain unless you earn over $100,000. Only 15 percent of the households of the United States make more than $100,000 a year -- and therefore only 15 percent of the households of the United States will profit more from McCain's tax cuts. Furthermore, the 60% of people who earn less than $60,000 per year will see at least three times as much of a tax cut under Obama's plan than McCain's plan.
So why exactly is John McCain claiming that Obama plans 'painful tax increases on working Americans' when these increases are targeted at the 1% of the population with the most money? (This is a rhetorical question, but feel free to answer anyhow.)
recommend this
email
print
link to this page
Comments: 32
I asked the same thing and was told if you tax rich people their fair share then others will lose incentive to be more successful...huh?
And that rich people can give to charity if they want but there is no reason for them to pay more taxes.
I will keep checking back on this thread I am interested to see what kind of responses you get.
But the extra $700 per year saving for families making 19K to 37K is the difference between whether or not they can get their car fixed or take their kids to the dentist that year.
And then turn the Pentagon into public housing. That would cut our taxes in half, I bet. But they'd have him shot, first.
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
The CNN page - the first link - has lots of articles about this.
There have been additional deductions for all kinds of things. Why doesn't anyone remember that??????? You will when they're gone.
MCCAIN
(no changes)
Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250
OBAMA (reversion to pre-Bush tax cuts)
Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750
No because I saw the same numbers and it took 2 minutes to debunk them.
Also, the big old tax cuts that Obama wants to roll back NEVER came to the middle class. Almost all of the Bush tax cuts were for individuals with incomes well over $100,000.
People, for the last eight years we have had "trickle down" economics under the theory (as Marilyn believes) that is you give big tax cuts to the richest people, it will "trickle down" to the rest of us in terms of more jobs. Instead, we've seen more jobs go overseas, more high paying jobs replaced with minimum wage service sector jobs, and fewer companies offering serious health benefits. Trickle down HAS NOT WORKED. The economy is worse off now than is was 8 years ago. And McCain's plan only encourages what has already failed for 8 years.
What they are talking about is the progressive income tax, while ALL other taxes are either regressive, harder on poor families, or flat like the alternative minimum tax, which is the one tax that everyone wants to eliminate.
If any of these taxes go up, remember, they weren't talking about them.
(take a bow, politicians)
McCain's cuts would if actually done, increase small business where most movement is as far as expansion and hiring. So in effect he would increase jobs, bring some companies back into the US, creating even more jobs. He would also increase tax flow so he could pay more funds on the deficit.
The best one out there though, is the one the Media is not bringing out, and that would be Barr's. His could use some tweeking though, but as is, is still better than either of these two idiots.
Obama's plan puts money back in the pocket of the other 99% of the population. THAT is where the small businesses come from. THAT is who drives most of the economy and buys cars and clothes and computers and all of those things that create jobs here. That money helps people pay their mortgages so we can pull out of the current housing crisis. That money helpd people pay their bills so they can afford to buy the incidentals that drive economic growth. If people aren't buying cars and big-ticket items, the economy falls into the recession we see now. The top 1% of the population doesn't buy the type of big ticket items that help the overall economy. They buy foreign cars from Germany, designer clothes from France, and designer jewelry and furniture from Italy.
The low income people give the greatest percentage to charity, the high income people give mostly to colleges, and the arts. The middle class give the least, and save the least for retirement. often only the minimum needed for a 401k match at their company.
People don't get that most of our country is 1st generation rich--Bill Gates, Oprah, Chris Gardner--people who earned their money through hard work and their ideas. I don't want to punish that anymore than it's already being done--take a look on the IRS website how much of the tax burden in our country is already carried by the top 5%.
I would rather have an economic environment where all of us could win--I don't want rich people's money. I've been in poverty, and I know that money without education is gone in a flash. Wealth redistribution will not solve the problem. I got out of poverty by reading books--Dave Ramsey, Robert Kiyosaki, Napoleon Hill, etc.--working hard, pursuing my ideas, and making good choices. Money can't do that for you--it is a byproduct of how you think--and I certainly don't want there to be an income amount in America where it's not worth trying to succeed.