The Truth About Taxes

Parade magazine recently ran an article that examined the tax plans of Senators Barack Obama and John McCain. Tax policy expert Alan Viard of the Conservative American Enterprise Institute said the following:

 

While the aggregate tax cut is bigger for McCain, a larger number of voters get more money under Obama's plan.  Obama is choosing to emphasize tax cuts for the middle class, whereas McCain's strategy is to keep rates lower at the top as a way to facilitate long-run growth.  For example, a person with an income of $1 million could see his taxes increase under Obama by $94,000, whereas under McCain's plan he could save $48,000.. 

 

For those who follow the economy and past tax plans of Republicans, one can quickly see McCain's tax plan represents the failed ideology of trickle down economics.  As recent as seven years ago, President Bush pushed his tax plan that benefited the wealthy and said that his tax plan would create a sustained economy, new job creation, and investments by the business community.  So far, those objectives have never been reached, and instead we have had two recessions, Wall Street and financial market melt downs, and the use of billions of dollars of taxpayers money to bail out corporate America.

 

The country can no longer afford this Republican tax give away at the expense of the average American. Where is the long-run growth that Republicans promised?  Nowhere to be found, and now it's time for the middle class to have the benefit of tax relief.