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McCain falsely claims in a few campaign commercials that Obama will raise taxes on middle class Americans.
In reality middle class Americans would get a bigger tax cut under Barack Obama's tax plan.
- Pre-tax income less than $10k: Obama tax cut is $487, McCain's is $14.
- Pre-tax income $10-20k: Obama tax cut is $709, McCain's is $26.
- Pre-tax income $20-30k: Obama tax cut is $896, McCain's is $89.
- Pre-tax income $30-40k: Obama tax cut is $1,039, McCain's is $178.
- Pre-tax income $40-50k: Obama tax cut is $1,124, McCain's is $232.
- Pre-tax income $50-75k: Obama tax cut is $952, McCain's is $336.
- Pre-tax income $75-100k: Obama tax cut is $779, McCain's is $483.
- Pre-tax income $100-200k: Obama tax cut is $407, McCain's is $847.
- Pre-tax $200-500k: Obama raises taxes $3,546, McCain cuts $1,892.
- Pre-tax $500-1mil: Obama raises taxes $30,499, McCain cuts $6,825.
- Pre-tax $1mil+: Obama raises taxes $262,371, McCain cuts $58,632.
6 comments:
His plan truly sounds "good", but if he is cutting the governments income, how will he pay for all the handouts he is also planning?
Obama would bring an peaceful, responsible end to the war in Iraq. We are spending $6 billion a month in Iraq.
I am not sure if he is cutting the government's income. He is giving middle class tax cuts while returning the tax rate on the rich to the same level as it was during the 90's.
A "peaceuflu and responsible end" to the war in Iraq? Obama hasn't and won't be able to bring that, because Bush has already laid that down with the now proven surge. So you're saying this $6 billion dollars you are spending in Iraq will now be used to fund all of the handouts?
By not making every taxpayer pay the same flat tax percentage, you want to go after the rich. Hmmm, that sounds like a good plan. But when they quit filling/creating jobs because they have no incentive to spend money on their business, and all the welfare babies come to work age, doesn't that mean more welfare? Then what? Who do we tax then.
Why not just do away with all private business and make it government run? Would that government tax the businesses the same way? You betcha. Because here's the kicker. When you raise a business owners tax, he loses money right? So he's going to raise his prices to the end user - you, which means you are going to be paying more. So is your middle income tax breaks really that beneficial?
Jobs are created and business flourishes when people have money to spend. I don't think businesses owners say, "I got a $50,000 tax cut, I think I will hire another manager at my store."
If middle class families get tax cuts they take that money and spend it in stores, fix up their homes, etc. That creates demand and puts money in the business owners pockets. Then the business says, "Hey, business is good. I might want to open up another store across town and hire another manager."
You obviously have never run a business. If my expenditures are going up, I have to increase my prices. Bottom line, YOU are going to pay more. So how exactly does that help your tax cut?
Galactic Dreamer, I have ran a business, and you cant cut prices (cutting taxes) without cutting spending.
George Bush has lowered taxes while increasing spending which has led to the worlds biggest deficit. He has spend astronomical amounts of money not only on the war, but on nation building in Iraq, He has given 10 Billion to Musareef's now defunct regime in Pakistan to fight terror which they have not, he has been giving gobbles of money to Africa to fight Aids. He is handing out "Stimulus checks"!!! For god sakes where do you think this money is coming from? OUR TAX DOLLARS
The only difference between Obama and McCain/Bush on spending is Obama will give handouts to Americans where as McCain will give handouts to other countries.
Honestly, I would rather have a Ron Paul or Bob Barr, but since they cant win I'll vote Obama. Welfare for Americans is also better than welfare for foreigners
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