Tuesday, September 09, 2008

Reader Submission Comparing McCain and Obama Tax Plans

Here is an article that a reader sent us. Check out the cool graphic in the article that illustrates the difference between the tax plans of Obama and McCain.

So Who's Middle Class?
by Hall Cary

If enacted, Obama and McCain tax plans will have radically different effects on the distribution of tax burdens in the United States. The Obama tax plan is progressive giving large tax breaks to those at the bottom of the income scale and raising taxes significantly on upper-income earners.

While McCain claims that his tax plan benefits middle-class families, his plan remains regressive. It’s regressive even when compared to a plan where 2001–06 Bush tax cuts are made permanent. It gives little tax relief to those at the bottom of the income scale but provides huge tax cuts to the wealthiest households. To see how the two plans will effect your income, check out the following chart.

Of interest also, according to the Tax Policy Center, the Obama Plan contributes $1 trillion more to the revenue stream than the McCain Plan. This revenue stream is of major concern what with the swelling of the National Debt under the Bush regime.

If you want to join McCain’s “middle-class”, I suggest that you follow his example and marry a millionaire.

No comments: