Taxes are one area where Republicans have often succeeded in winning over those who take information at face value without doing their research. When Republicans cut taxes, it's usually not for people like you and me, but they present it to us as though it is.
Here's the reality of the candidates' tax plans, provided by the non-partisan Tax Policy Center.
It's clear which plan will provide the greatest benefit to the most people. Nine out of ten American households make less than $75,000 a year. Obama's plan will lower taxes for those making up to $227,000 a year, extending tax cuts to 95% of working households.
While McCain's proposal cuts taxes across the board, look at the disparity between the reduction for most of us compared to the benefit to the extremely wealthy.
It doesn't seem fair for hard working people to shoulder an undue share of the tax burden. We all pay the same amount for a gallon of milk or a gallon of gas, but a few dollars here and there can make or break a family struggling to pay the bills.
These are the facts. The choice is clear for those who believe in doing what's right for the greater good rather than catering to their self-serving individualism.
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8 comments:
BUT...and it's a big one...by the same NP TPC...they also say that McCain's Plan will be better for the overall economy short and long-term than Biden's plan.
What's that saying? A rising tide lifts all boats...
TRW&BE
If giving the "rich" even more tax breaks improves the economy, why are we in the mess economically that we are in right now? I think Obama's plan looks very fair to all!
Mom
Go Mom! You've made an excellent point. Evidence suggests that the middle class and poor do better when a Democrat is in office. I suggest everyone read this article for an interesting analysis:
http://www.nytimes.com/2008/04/27/magazine/27wwln-idealab-t.html
Oh, and Matt - this quote is directly from the TPC website "Neither candidate's plan would significantly increase economic growth unless offset by spending cuts or tax increases that the campaigns have not specified." Not sure where you've seen it stated otherwise.
I believe there are other non-tax related factors that will stimulate the economy under Obama. Among them, consumer confidence resulting from a government that doesn't let big business (e.g., mortgage and oil companies) run wild and a plan to get out of Iraq.
Oh, and "trickle-down" economics, which some like to call "a rising tide lifts all boats" is a myth.
A rising tide may lift the strong and stable boats, but it will sink the leaky rafts and those without boats will quickly drown.
The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.
If you two start making some real money, I'm sure you'll feel different about taxes.
Excellent last point there Mr. or Ms. anonymous. What are your thoughts on that Mrs. Vance?
About that rising tide...you know...lifting the strong and stable boats...isn't that what we want in America? Or are you suggesting it is better to have a bunch of leaky rafts?
Thanks for posting this Jennifer! As Obama said last night "There are lies, damn lies, and statistics". This stuff is beyond confusing to the average American so they take everything they see in a 15 second tv spot at face value.
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