R. Justin Shepherd | PART-TIME PUNDIT


Tax and spend?
13.June.2008, 10.46 am
Filed under: politics | Tags: , ,

Under Senator Obama’s tax plan, Americans of every background would see their taxes rise — seniors, parents, small-business owners and just about everyone who has even a modest investment in the market … (Democrats are going to raise your taxes by thousands of dollars per year … a trillion dollars in new taxes over the next decade.

— John McCain, April 15, 2008

Sound familiar? For as long as I can remember, Republicans have been running ON their tax pledges, and once if office running FROM the effects of those. Now, I’m a proponent of fewer taxes, fewer government programs, fewer intrusions into our private lives altogether. But what McCain says and what his tax plan actually IS are two different things. From the New York Times:

Economists of various ideological persuasions, however, view Mr. McCain’s assessment as inaccurate or exaggerated. Some question whether Mr. Obama’s tax plan can even be characterized as an increase. Some also argue that contrary to Mr. McCain’s assertions, the Democrat’s proposals, if enacted, would actually reduce taxes for the middle class — the voters both candidates see as the key to victory.

In a study of the candidates’ plans made public Wednesday, the nonpartisan Tax Policy Center concluded that in contrast to Mr. McCain, “Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers.”

The study said, “The largest tax cuts, as a share of income, would go to those at the bottom of the income distribution,” whereas “Senator McCain’s tax cuts would primarily benefit those with very high incomes.” …

According to the group’s computations, under Mr. Obama’s plan, the middle of the middle class, or those earning $37,595 to $66,354, would see taxes cut by $1,042 a year. Under Mr. McCain’s plan, taxes for people in that category would also fall, but by $319; the largest chunk of the benefits would go to those making $2.8 million a year or more.

Just thought I’d share.

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