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Obama’s Tax Plan Better for Working Families Than McCain’s

http://blog.aflcio.org/2008/09/04/obamas-tax-plan-better-for-working-families-than-mccains

by Seth Michaels, Sep 4, 2008

As the Republican Convention continued Tuesday night, former Sen. Fred Thompson (R-Tenn.) brought out a tired old talking point in his speech, one that Sen. John McCain and his allies have been pushing all year and that corporate interests have been trying to sell for decades. It’s the old “tax hike” scare.

Thompson and McCain are flat-out wrong when they allege Sen. Barack Obama’s proposed economic plan would raise taxes on millions of working families. In reality, his plan would give tax cuts to nearly all working families.


Source: The Washington Post

The Tax Policy Center has done intensive analysis of the two candidates’ tax proposals and their public statements and found that the majority of taxpayers would see more relief from Obama’s plan than McCain’s. The Washington Post has created a chart that explains exactly what each candidate’s tax plans would mean for different income levels, and the analysis points to stark differences.

Obama’s plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy.

There’s even a website, http://ObamaTaxCut.com where you can calculate the estimated tax cut Obama’s plan would give you—and compare it to what you would see under McCain’s plan.

Obama’s plan gives tax cuts to 95 percent of working families. The overwhelming majority of taxpayers would see a bigger tax cut under Obama’s plan than McCain’s. As The Washington Post chart shows, 60 percent of taxpayers would get a tax cut three times as big from Obama as from McCain. That’s real money in the pockets of hardworking families.

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