BAM'S PLANS FOR TAX CUTS DON'T ADD UP
EXPERTS NIX CLAIM THAT '95% BENEFIT'
WASHINGTON - Barack Obama portrays himself as a fiscally responsible tax cutter who will retrieve the government from the edge of economic abyss - but critics and independent watchdogs say otherwise.
"Here is what I can tell the American people: 95 percent of you will get a tax cut," Obama said during last week's debate.
It's a line that appeals greatly to middle-class voters already strained by taxes and the troubled economy.
But an analysis by outside critics and independent analysts who have studied Obama's economic policies say it's not that simple.
Obama's definition of a "tax cut," for instance, is less than precise.
Many of the "cuts" for lower-income people are actually "refundable tax credits."
Rather, they are checks from the government handed to people who don't pay income taxes. This spending, of course, is paid for by other taxpayers.
Also, according to the nonpartisan PolitiFact.com, fewer Americans will enjoy tax cuts under Obama's plans than the 95 percent he claims.
Only 81 percent of Americans would see some sort of tax cut, according to their analysis.
PolitiFact scored the claim as "half-true," however, because the portion of "working families" - defined as a working couple with kids - who would get such tax cuts is 95 percent, a point the campaign quickly highlighted.
One of the most heated battles between Obama and John McCain stems from McCain's claim that Obama would raise taxes on people earning as little as $42,000.
While Obama has suggested no such tax hike, he in fact did vote in favor of a nonbinding budget resolution establishing a framework that would have raised taxes on people making as little as $42,000.
"Budget resolutions don't have a whole lot of specifics in them," explained Ben Harris, an economist with the Brookings Institute who has studied both candidates' tax plans.
"But they're general plans for how lawmakers want to tax and spend."
Other than the extent to which it grants "tax cuts" to non-taxpayers, Obama's economic plan differs mostly from McCain's for taxpayers earning more than $250,000.
Taxpayers making up to $161,000 a year would get roughly the same tax cuts under the Obama and McCain plans, according to the nonpartisan Tax Policy Center.
Under McCain, tax cuts would continue into the highest brackets. Under Obama, those taxes would rise.
For those earning $603,000 or more, the government's annual take would go up an additional $115,974, according to an analysis by the center.
Those earning above $2.9 million would see their federal tax increase by $701,885 each year.
Obama also would raise Social Security taxes, unlike McCain, applying the tax to income $250,000 and above.
Obama also says all his new programs will be paid for and reduce the deficit.
The Tax Policy Center, using researchers from the Brookings Institution and the Urban Institute, found that Obama's tax plan would actually add to the national debt by some $3.5 trillion by 2018.
_________________ "If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times.
Tue Oct 21, 2008 8:02 am
Richard F L I N T O I D
Where are all the loud mouth's now who support Obama when hard numbers can be proven and clearly shows Obama is not the right man for the job.
Richard
Wed Oct 22, 2008 9:31 am
Kevin McKague F L I N T O I D
Richard, saying that someone is unfit for the job is a far cry from proving it, or demonstrating your point with facts. I've never seen you do either. Two Tap, I can't find my link to the Tax Policy report you mentioned, but I have read it, and recall it saying that both candidates' proposed tax plans will balloon the deficit, and McCain's plan was worse! Was your right cut-and-paste finger muscle sore when you got to that part of the article?
Wed Oct 22, 2008 9:52 am
Richard F L I N T O I D
I firmly believe twotap has demonstrated over and over again with facts. No cut and paste here just a supportive post. I just hope you do not disappear from this board once Obama is in office and this all comes true.
Richard
Wed Oct 22, 2008 10:14 am
Richard F L I N T O I D
Maybe it is time for Kevin to step up and convince us why we should put Obama in office rather than just slam everyone against him.
Got anything you can prove that Obama will bring to this nation? Show us Kevin and convince us!
Richard
Wed Oct 22, 2008 10:17 am
Kevin McKague F L I N T O I D
By "slamming", I suppose you're referring to my annoying habit of de-bunking every lie you guys tell about Barack Obama. Go ahead Richard, google Tax Policy Institute and see what Two Tap neglected to mention. John McCain's tax proposal will cost more. Just because you look the other way when somebody offers proof you're wrong, doesn't make the lie true.
Wed Oct 22, 2008 10:26 am
twotap F L I N T O I D
Hey Kevin check my Why you support Obama thread pretty interesting. Also I do believe we heard Elmer Fudd say that tax increases are in Baracks future now we gotta figure out just what rich means to a lib.
_________________ "If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times.
Wed Oct 22, 2008 10:41 am
Kevin McKague F L I N T O I D
Here we go again, the Two Tap Two-step. I corner you and prove you wrong, and you try to change the subject. Go ahead now and check the rest of your own source and tell us what it says about McCain's tax proposal, and how it will balloon the debt more than Obama's. We'll wait.
Wed Oct 22, 2008 12:07 pm
twotap F L I N T O I D
Sorry Kevin but were discussing your boys plans for his spread the wealth around idea. Whats the point in bringing up McCains the election is over McCain has lost. or did you forget. Quit trying to do the Democrat dodge.
_________________ "If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times.
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