Just in case you've bought into the lie that Barack Obama plans to raise your taxes, it's time for a reality check. The Tax Policy Center has done an independent analysis on both Barack Obama's and John McCain's tax plans (actually months ago) and has declared that both men will cut taxes. This report is relatively obscure, detailed, confusing and boring. But, it is finally being digested by some main stream news agencies and everyone who has looked at the report and both plans (with the exception of the John McCain campaign) agrees that both men will cut taxes.
So, why does John McCain continue to run ads saying that Barack Obama will increase your taxes? Why do so many people continue to believe it? Well, tell a lie enough times and with enough force and a certain number of people will believe it.
Here's the truth. The Tax Policy Center has said in terms of revenue, both plans are relatively the same. The difference comes in who gets the majority of the cuts. McCain wants to cut taxes across the board. But, to pay for that, he gives relatively little relief to the little guy. The guy running the ads saying the other guy wants to raise your taxes, gives most of his relief to the wealthiest among us. Obama says not everybody needs a tax cut and to pay for the little guys' tax cuts, he's going to take a little more from the relatively well off (those making more than $250K a year, but I think they can afford the $12) and he'll take a chunk more from those making more than $603K a year). Obama's plan actually gives families making between $40,000 and 66,000 almost three times the amount of relief McCain would give to those families. Look at this chart and tell me would your taxes go up or down under Obama.
Even Fox News has figured this out. Watch this two minute interview with Tucker Bounds, a top McCain advisor.
Did you catch that? Their justification for continuing the claim that Obama will raise your taxes is not his tax policy. It's not what he's stated he will do and has laid out a plan for. It's not based on independent third party analysis. It's based on their interpretation of his voting record. So, if you believe that Obama is lying to you and playing a bait and switch, you can continue to believe he's going to raise your taxes. But, if you believe he's going to implement the tax plan he said he's going to, he is not going to raise your taxes.
Now the kicker and a confession. Both plans. Let me repeat that. Both McCain's and Obama's plans increase the deficit. McCain says he'll make that up by stopping earmarks (let's hope he doesn't put Sarah Palin in charge of that little duty- sorry, couldn't resist). But, spending cuts are hard to do. Look at what Mr. Fiscal Conservative George Bush and the Repulican Congress (for six of his 8 years) did with spending. The question I have is can we really afford anybody's tax cuts right now? But, that's another story. The point of this story is, if you're a guy voting for your own pocketbook and to get the bigger tax cut, read the chart and if you planned to vote for McCain, you might want to rethink that. I'll tell you this much about how I vote. Based on this chart and this one issue alone, I'd be better off voting for John McCain. But, guess which way I'm going in November. My hope is that a rising tide raises all ships and that by Obama giving more money to more people and giving them the ability to afford my goods, I'll be privileged enough to pay even MORE taxes. Also, I think it's just the right thing to do. If we're going to give away money we don't have, let's give it to the needy, not the guy making more money in a year than most people have in their life savings.
The confession, you ask? In the opening paragraph, I was careful not to say that Obama will not raise your taxes. The truth is I think both tax plans (based on the little I know about economics) are in trouble from the start. If they think they're going to fund tax cuts by reducing spending, they're dreaming. I would not be surprised to see drastic alterations to either McCain's or Obama's plans once they actually take office. But, based on what they've laid out they will do, Obama gives more of a break to the majority of the people I know than McCain does.
Here's a pretty easy to read article that gives some more details:
So, does any of this surprise you?