Friday, October 17, 2008

It's Obama's Tax Plan vs. The Middle Class

Barack Obama is a Big Fat Liar! Let's compare three different scenarios of his tax plan to what John McCain is proposing. What happened to "I'm only going to tax the rich?" You can take a look at the document at the Tax Policy Center. Pure and unadulterated Socialism.

In response to: It's FOX "News" Channel vs. The Middle Class


Dale said...

According to the study you quoted, "Only in the upper income classes—that include those making $500,000 or more a year—would a majority of taxpayers face higher rates."

Apparently you're the one who is lying.

Anonymous said...

I had to look this up as it's obviously NOT referring to income tax. Can anyone explain this in layman's terms?
The term "effective marginal tax rates", often abbreviated as EMTR refers to the combined effect of income tax and means testing of government welfare. It is the percentage of an extra unit of income (extra dollar, euro, yen etc) that the recipient gets to keep after income tax is removed and after any decline in welfare entitlement.
Calculating the EMTR is typically very dependent on individual circumstances and involves a consideration of welfare withdrawal rules, income tax laws, low income tax offsets, tax rebates and the individuals tax and welfare status. As such tables showing EMTRs are rarely published. The net effect however is generally a higher effective marginal rate of tax than that suggested by income tax tables.

Eddie said...

Nice try, but you completely omit the CONCLUSION. Seems a bit important if you want to argue tax policy differences.

C. Comparison of the Two Plans
In 2009, Senator Obama’s plan would reduce the effective marginal tax rate for far more households than would the McCain plan. This is true both overall, and for all income classes.


In fact, the Obama plan would raise marginal rates for about three-quarters of taxpayers making more than $1 million whereas the McCain plan would leave rates unchanged for 95 percent of those taxpayers (figure 2). Overall, the Obama plan would raise EMTRs for 15 percent of taxpayers, compared with only 1 percent for the McCain plan.

I also note they make no mention of taxing health care benefits as McCain has proposed.

Fundy said...

All I know is that he keeps saying that only the rich will have their taxes go up. That's not true. There are a certain percentage of middle class people that will have their taxes increased. He's lying.

PuterPrsn said...

Let us not forget that any taxes placed on companies will be paid by the people who get goods & services from those companies - their stockholders won't stand for anything else, and their stockholders are all of us who have pension plans or 401k's. Any tax on the income of the owners of private companies are going to raise prices to give themselves raises to cover the cost of those taxes. Again, people wanting those goods & services pay the price.

ALL taxes are ridiculous - let's see a flat tax of 10% for everyone across the board. No deductions, no fudging, no funny numbers games. If you made money, its' 10% buddy. If you lost money, no tax. No refunds at the end of the year, no dodges.