Here is the tax plan pdf:
http://www.barackobama.com/pdf/taxes/Fa ... _FINAL.pdf
No sense arguing pundits comments or campaign speeches, read the actual facts.
Chicago Sun Times article on both plans:
The rich would pay more under Barack Obama's tax plan, and the poor and middle-class would pay less, a nonpartisan analysis finds. Under John McCain's plan, the rich would pay much less than they do now, the poor and middle-class would pay a bit less, and the federal deficit would grow, the study found.
The 95 percent-plus of the American population that earns less than $250,000 would see the following tax breaks: A $500-per-worker tax credit for people who earn less than $150,000 and do not itemize, and a $4,000 credit per child in college. Seniors who earn less than $50,000 would pay no income tax.
Obama would leave the top corporate tax rate at 35 percent. McCain would cut it to 25 percent.
The two candidates differ widely in their approach to the estate tax, which the Republicans call the "death tax." McCain would set it at 15 percent for estates above $5 million. Obama would set it at 45 percent for estates above $3.5 million.
Largely because his tax proposals would leave tax breaks for the wealthy in place, McCain's plan would cost the U.S. Treasury more than Obama's, the Tax Policy Center found.
And here is the article in its entirety:Assuming they would have been renewed anyway, Obama's plan would bring in an additional $700 billion in taxes over the next 10 years, while McCain's would cost the Treasury $600 billion. Assuming legislators would have let the tax breaks expire, Obama's plan would cost the U.S. Treasury $2.7 trillion and McCain's $3.7 trillion.
http://www.suntimes.com/news/politics/o ... 30.article
Now lets talk about taxing your health care...
Many of us receive health care benefits from our employers. This is a benefit that makes your compensation package larger and is a great incentive to work certain jobs (municipal jobs like garbage man). Under McCain's plan, he would like to tax your benefit as income. The theory is that it will cause you to buy your own plan, but be mindful that you lose a significant amount of buying power purchasing as a single person as compared to a group like a city or corporation. McCain wants to give you a $5k tax credit to pay for your insurance. As it turns out, my personal policy costs $8500 a year, so that takes $3500 MORE out of my pocket.
It COSTS me $3500 to take his tax credit.....
To quote the New York Times:
From this article:The campaign cannot yet project how many taxpayers might see their taxes go up, said Douglas Holtz-Eakin, Mr. McCain’s top domestic policy adviser. But Mr. Holtz-Eakin said in an interview that for some, Mr. McCain’s health care tax credits would not be large enough to compensate for his proposal to eliminate the tax breaks afforded to workers with employer-provided health benefits.
http://www.nytimes.com/2008/05/01/us/po ... ref=slogin
On that single, solitary issue alone, most people should realize that McCain is wrong about taxation.
E
Maybe I could slip into the Oval Office. Na......too many skeletons in my closet.