Americans Prefer Obama Tax Plan, for Good Reason
As ThinkProgress just reported, CNN earlier today showed a deceptive chart which wrongly suggests that John McCain's tax plan provides more Americans with greater savings than that offered by Barack Obama. But CNN's upper-crust income brackets starting at $161,000 conceal the inescapable truth that Barack Obama's proposals offer working and middle class Americans steeper tax benefits at every income level up to $110,000. And according to a new Gallup poll released today, that truth isn't lost on American voters.
By 48% to 43%, Americans surveyed by Gallup say Obama would better handle the issue of taxes than John McCain. And with good reason. As the Washington Post detailed, an analysis by the Tax Policy Center showed:
"Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy."
Those whose income is under $67,000 - 60% of all American taxpayers - would see substantially larger tax cuts under the Obama plan. While McCain's plan concentrates 58% of its benefits to the wealthiest 1% of Americans, Obama's rollback of the Bush tax cuts above $250,000 produces tax increases for that group.
Sadly, Obama's story is not getting through. In the face of the TPC's analysis showing that 95% of American taxpayers would see savings under the Obama tax plan, 53% of the Gallup respondents wrongly believe their tax burden would increase under President Obama. Meanwhile, despite the same analysis showing McCain's plan to make permanent and expand the Bush tax cuts would produce a staggering $2.8 trillion in red ink for the federal budget, the Republican still claims the mantle of fiscal discipline.
And to be sure, CNN did American voters no favors today.
Holy s**t. CNN is really carrying McSame's water.
What's the matter with Kansas (and Ohio, and Florida, and PA, and Indiana, etc etc)? I can't figure out why people vote against their economic interests!
I can't figure out why people believe the best solution is to tax people that have become sucessful and give a free pass to everyone else. It ticks me off to no end that under the Obama plan, my wife and I will be penalized for our hard work over the past 20 years just when we are starting to reap the benifits of that hard work. I for one will not continue working hard if over .50 cents on the dollar earned goes to a gov't that will in turn redistribute my wealth to others that didn't feel the need to work hard early in life. I am definetely not the only one that feels this way and is probably the main reason Obama will not be able to convince those independants he needs to push him over the top. Until the Dems figure out that sucess is not a bad thing to be penalized, you'll continue to be outside looking in.
ObamaTaxCut.com is an online tool I made today to figure out how much Obama will cut your taxes and how much more you'll save under Obama than McCain. There's some other useful information there, too.
Obama's tax plan will destroy the Social Security system.
Obama says his income tax plan will lower taxes for 95% of Americans. There is just one problem with this, 40% of Americans already pay no income tax. Obama's response to this is that these people pay Social Security tax. Well, that's not income tax, but a contribution to their retirement plan. So if he wins and implements his tax plan, for the first time in the history of Social Security, 40% of the people who will get retirement benefits will have paid nothing for them. Social Security will then loose all pretext of being a retirement plan, and will become a national welfare program.
This will cause Social Security to lose public support in a massive way. Leave Social Security contributions out of income tax plans. If you take some peoples income taxes to pay others Social Security taxes, Social Security will be destroyed forever.
Very interesting video at http://money-cake.com/2009/02/heritageorg-says-obamas-spending-plan-is-wrong/ as to why Obama spending plan will fail.
I think Obama will not be able to fulfill all its promises on tax legislation. Already, his approval rating is falling. And this is only the beginning.
Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy
economic is everything.