Obama will lower your tax bill more than GOP rival McCain

I’m not trying to persuade my McCain supporting reader(s) to vote for Obama. And I know most of my Yahoo friends probably lean towards voting for Senator Obama already. My purpose here is to debunk the myth that Obama wants to tax and spend and McCain will give the average American all sorts of tax breaks. I don’t necessarily care why anyone supports McCain, as long as it’s for honest reasons – in other words, don’t tell me you’re voting against Obama because McCain supports Bush’s tax cuts, unless you’re wealthy.

CNN recently broke down the numbers of both candidates’ tax plans, and based on household income demographics, we glean the following:

  • 97% of taxpayers may see a reduction in income taxes under Obama’s plan; only the wealthiest 1% will see any significant increase in their tax bills.
  • 85% of taxpayers, meaning those earning under $112,000, could take home more under Obama’s plan then McCain’s.
  • 67% of taxpayers, those earning less than $66,000 could take home an average of $500-$700 more per year under Obama’s plan then McCain’s.

This is not good news for McCain should voters who want to pay less in taxes actually be paying attention. Sure, McCain cuts taxes for everyone, but giving low income people only a $19 tax cut in order to give the wealthy an extra $270K is not looking out for hard working Americans and their families.

I don’t have a crystal ball, so I can’t say for sure that either proposal would be enacted into law. Not to mention, I’m suspicious of all campaign promises about taxes to begin with, especially since both plans mean billions of dollars in lost revenue, and that means other taxes, fees, and other governmental charges will likely increase. It’s often a shell game where the government puts a dollar back into the right pocket, but takes two dollars from the left pocket.

Regardless, Obama’s plan clearly gives the most tax relief to the most amount of Americans, allows the people who need relief the most to keep more of their income, and because the next president will be working with a Democratic Congress, Obama’s plan has the best shot of passing.

Obama is the stronger choice for voters concerned with reducing income taxes.

Source: CNN

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