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.

Democrats Not Shying Away From Tax Debate

As this New York Times article points out, Democrats are not shying away from pointing out that it is time to undo the damage done by Bush's reckless tax cuts. What they are proposing is a ceiling on the Bush tax cuts so that they are not extended in 2010 for the richest Americans.

f you remember, in 2001 and in 2003, to make it look like they weren't blowing a big hole in the Federal Budget, the Republicans put a sun-set clause in their tax cuts. What this means is that most of them expire in 2010. Since that year is only three years away, much of the debate in the 2008 presidential campaign will be about the fate of those tax cuts.

The Republicans will try and paint the Democrats as standing for massive tax increases. The reality is, of course, something different since the expiration of the tax cuts in 2010 would just restore the tax rates that existed when Bubble-Boy took office. There is a suggestion from the head of a liberal advocacy group that the Republicans have put the Democrats in a box. This is because if they leave the tax cuts in place they will less money to confront the problems caused by the retirement of baby-boomers and the impact on Social Security and Medicare. If they do away with the tax cuts, they get painted as tax and spend liberals.

The solution is to do what they are doing and confront the Republicans head on. Point out that it is time to undo the damage of tax cuts that benefit the middle class. Be bold and stand for something besides just getting elected. This seems to be exactly what they are doing.

Bush Pays Approximately 24% of Income in Federal Taxes

If you click on the link in this entry's title you will read a news article about George and Laura Bush's Federal Income Tax returns. According to the article George and Laura paid over $186,000 in Federal Income Taxes (note that the article doesn't report how much over) on income of $765,801.00. Taking the figure of $186,000 and dividing it by $765,801, you get a percentage of 24.28% of total income paid in Federal Taxes. Now, do you know why George wanted those tax cuts in 2001?