Thursday, June 12, 2008

MORE THAN 85% WOULD DO BETTER UNDER OBAMA'S TAX PLAN

DAILY KOS - CNN posted an article online summarizing the Tax Policy center’s report comparing John McCain and Barack Obama’s proposed tax plans. The numbers are remarkable, but CNN failes to notice the obvious punch line: more than 85% of Americans will pay less in taxes under Obama than McCain. From the table, we can see that if you make less than $112,000 a year, then you will pay less in taxes under Obama’s policies compared to McCain’s. According to the IRS, 89% of Americans report less than $100,000 in adjusted gross income. DATA

2 Comments:

At June 13, 2008 10:13 AM, Blogger m said...

The Bush tax cuts have helped only the extremely rich, and those who directly benefited from the corruption that cascaded from his regime. Without some analytical help from the press, recipients of his $300-600 thought they were getting "free" money. What they failed to notice was the corollary drop in the dollar that followed Bush's ever escalating Federal deficit that resulted in continuing price inflation. And, now after losing many times more to inflation than they ever got from the tax cuts, the overwhelming majority of the populace now has to pay off that debt as well as the interest due.

Bush, in engineering terms, is an incredible out of control positive feedback machine. Not that the results are positive for our nation, but rather that each failure necessitates ever riskier fixes that require greater consumption of resources in repairs to fix problems. The proverbial vicious circle.

 
At June 13, 2008 7:42 PM, Anonymous Anonymous said...

Having a tax advantage is not the same as doing better. If Obama's tax plan cut economic growth by 1% then what proportion of taxpayers would be worse off?

 

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