Organizing for America | Yes You Can. Yes We Can.: Who is Increasing Whose Taxes?

Who is Increasing Whose Taxes?

By Michelle - Sep 11th, 2008 at 9:45 am EDT

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Tags: create jobs, gas prices, jobs, McCain, middle class, Obama, tax, tax cuts, Taxes

McCain likes to tell us that our taxes will go up if Obama is elected into office. The reason McCain doesn't say more than a sentence on this point is because if he went into the details of his tax plan, he would lose the votes of middle America. Since McCain isn't talking, I figured I would say a few words on his behalf. I can't say this message is approved by McCain, but we can't expect it would be now can we?

McCain's Mischaracterizations

McCain has said:

"Under Senator Obama's tax plan, Americans of every background would see their taxes rise--seniors, parents, small business owners, and just about everyone who has even a modest investment in the market."

McCain has been criticized for deceiving Americans by mischaracterizing Obama's tax plan. He fails to say "some" Americans (specifically those making over $250,000), who, admittedly, can be of any background, are the ones that may see tax increases under Obama's plan, NOT "every American" as McCain prefers to incorrectly generalize.

Define "Rich," Please

When asked, McCain quipped that if you're talking about only income, then $5 million is how he defines being "rich." In stark contrast, Obama pointed out that anyone making $250,000 or more is in the top 3-4 percent in this country and thus "doing very well;" rich by U.S. standards. One thing is evident -- the two men have quite disparate standards on what defines the wealthy.

Tax Decreases for Who, Exactly?

The Haves Over the Have-Nots According to McCain's Plan

While McCain is correct in saying he will decrease taxes, what he fails to mention (just as he and Palin failed to mention the phrase "middle class" at the RNC), is that the taxes he is promising to decrease are taxes on the rich, by his definition, those making millions in income alone every year.

Unless, your finances look like that of McCain, who out of the 535 members of Congress ranks the ninth richest, having assets valued at about $36.5 million (and a wife with assets estimated at $100 million), you will not benefit from McCain's promised tax cuts. This is because McCain, who once opposed the Bush-devised tax cuts for the rich, now not only supports the Bush tax cuts for the wealthy, but has three or four additional tax cut proposals planned for America's socio-economic elite. The Arizona Senator's tax cuts are even worse than those put into place by Bush, being twice as expensive and thus adding to our nation's growing deficit.

Me, Me, and Others Just Like Me

McCain's tax cuts are even more focused on diminishing the taxes of the wealthy than Bush's were. "In fact, under McCain’s plan, John and Cindy McCain would get a $300,000 tax break while middle class Americans would save only $319. The McCains save $60,016 more under McCain’s tax plan than under Bush’s." Shouldn't McCain change his slogan to "Me First?"

Obama Actually Puts America First

Obama, on the other hand, promises a tax cut to the 95% of American families that make less than $250,000 a year. Obama's own tax reform plan is aimed at hardworking Americans -- the same Americans that are struggling with rising fuel prices, ballooning mortgages and record job losses - not at helping Obama himself. Obama's plan includes "a tax cut for 150 million middle-income Americans, a homeowners tax benefit for those stuck in the subprime mortgage crisis, an end to income taxes for seniors making less than $50,000 a year and a tax code reduced in complexity." This is change that will benefit the backbone of America, the people that actually need it , and consequently work to stabilize and grow our economy over time.

“ 'McCain and the Republicans keep mischaracterizing my plan,'said Obama, seeking to clarify his own proposals. 'If you are a family making less than $250,000 a year, my plan will not raise your taxes. Period. Not income tax, not payroll tax, not capital gains tax, not any of your taxes. And chances are you will get a tax cut.' "

Taxing Those That Can Afford To Be Taxed

I will tell you one thing Obama isn't doing that McCain is -- Obama isn't guaranteeing that he won't increase taxes on the rich. While Obama's largest tax cuts are to those making the least, McCain will give his largest tax cuts to the very wealthy. When you really think about it, do the rich need their taxes decreased? If there's someone that can afford to pay into our taxes, isn't it the rich? A family making $30k a year that is taxed 30% only brings in $21k a year; someone making $5M a year that is taxed 30% still brings home $3.5. It's much easier to support your family on $3.5M than on $21k, don't you think?

McCain's Taxes Won't Create More Jobs

McCain has repeatedly said on the campaign trail, "My tax cuts will create jobs. His tax increases will eliminate 'em." As the experts have pointed out, "if McCain wants to create jobs, cutting the corporate tax rate isn’t the place to start. According to the Congressional Budget Office, a corporate tax cut 'does not create an incentive for [corporations] to spend more on labor' and 'is not a particularly cost-effective method of stimulating business spending.'" McCain has chosen to follow the Bush economic philosophy which forgets about America's working and middle classes. "Job growth in the eight years before Bush came to office was significantly better than in the eight years since. But to McCain, the Bush-Norquist agenda of tax cuts for corporations takes precedence over anything aimed at the anyone else." So much for McCain's promises to create more jobs through tax cuts.?

Focused on America, Not Himself
If someone should have our vote, it should be the man looking out for America, not the man looking out for himself and his equally placed friends in hopes of squeezing out some extra cash from their multitudes of homes, extensive stock portfolios and exorbitant yearly incomes. How can we expect our country to be led in the right direction if our country's leader is selfishly looking out for himself and the one percent of Americans with finances mirroring his? As McCain looks out for himself and others that are wealthy like him, he leaves the rest of America in the dust and, if you ask me, that's not exactly putting "country first," is it?

McCain likes to tell us that our taxes will go up if Obama is elected into office. The reason McCain doesn't say more than a sentence on this point is because if he went into the details of his tax plan, he would lose the votes of middle America. Since McCain isn't talking, I figured I would say a few words on his behalf. I can't say this message is approved by McCain, but we can't expect it would be now can we?

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