The real McCain/Obama tax plan
I’ve already posted this information a few times, but it never hurts to post it again. This is one of the biggest lies being spread by the McCain camp–that Obama will “raise your taxes”. The truth is that Obama is going to cut taxes for the vast majority of Americans, while raising the taxes for the wealthiest earners.
Filed under economics : Comments (3) : Sep 21st, 2008 by tadfad
September 21st, 2008 at 9:46 am
Your chart is overly simplified as it only represents straight income tax changes. If you own stock(and sell it), your capital gains tax will go up. Also, McCain wants to raise the per child tax credit which largely benefits the middle and lower classes.
Finally, Obama wants to raise our corporate tax, a rate that is already the seconds highest in the world! That change cannot be added to the chart but with have a huge impact on jobs and wages (see Ireland’s boom following their commercial tax cut, their rate is now one of the lowest in the civilized world).
Your are forgetting one more thing. Do you see that top tax bracket with the huge increase? Most small businesses are sole proprietorships, a business entity that is taxed at the individual tax rate, ie that one being increased so much by Obama! That means small businesses have less money to grow and less to pay their employees or hire new employees. Guess where 70% of the new jobs in the country come from? Small businesses!
Obama: Stifling innovation, taxing small businesses, raising the US’s corporate tax above everyone else in the world!
September 21st, 2008 at 4:21 pm
Brandon - While I agree that Tad is missing some pieces, I also think you are exagerating the facts quite a bit. The average income of a sole proprietorship is typically around $70k a year. The McCain and Obama plans would reduce that tax bracket at the same rate.
October 24th, 2008 at 2:01 pm
Obama’s tax plan will destroy the Social Security system.
Obama says his income tax plan will lower taxes for 95% of Americans. There is just one problem with this, 40% of Americans already pay no income tax. Obama’s response to this is that these people pay Social Security tax. Well, that’s not income tax, but a contribution to their retirement plan. So if he wins and implements his tax plan, for the first time in the history of Social Security, 40% of the people who will get retirement benefits will have paid nothing for them. Social Security will then loose all pretext of being a retirement plan, and will become a national welfare program.
This will cause Social Security to lose public support in a massive way. Leave Social Security contributions out of income tax plans. If you take some peoples income taxes to pay others Social Security taxes, Social Security will be destroyed forever.
http://strategicthought-charles77.blogspot.com/2008/10/obamas-tax-plan-will-destroy-social.html