Speaking of Wealth Redistribution...
Obama’s Tax Plan Better for Working Families Than McCain’s
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
Later in the article:
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.
Meanwhile, McCain’s economic proposals are mostly built around expanding on Bush’s giveaways to the very rich and to corporations. As we’ve reported, economists are struck not only by the massive scale of the tax cuts and the incredible imbalance, but by the sharp reversal these plans represent from McCain’s positions just a few years ago. Rather than being a “maverick,” as his allies in Washington and the press love to call him, McCain, who initially opposed Bush’s tax cuts for the rich but now wants to make them permanent, has steered hard toward the Bush economic agenda.
I leave the criticism and analysis to you.