Obama's Tax Plan Three Times Better Break For Middle Class Than McCain's: Analysts

The tax cut plan of Democratic nominee to be Barack Obama offers three times the break for middle class families than proposals of likely Republican nominee John McCain, according to analysts working for a left-leaning think tank.

Families making between $37,595 and $66,354 of annual income with Obama would get an average tax cut of $1,042 per family while McCain's tax cut for this group would be $319, the report states.

Read the whole story here.

Comments

[DBMAC]

There are too many people not paying the taxes they owe with the ridiculous tax code we have right now. I suspect there are a lot of taxpayers that can get away with not reporting their real gross income such as through tax loopholes used by larger businesses and wealthier people. The shortfall from the tax abuse burdens those people who cannot hide their income or find and manipulate the tax system. What is the range of gross annual income that determines if one is low, middle, or upper class? A middle aged couple with a couple of children making a gross income of $65,000.00 annually today, just about anywhere in the country, can barely be considered middle class even if only defined by their middle class parents' generation. There is little extra they can afford like healthcare insurance deductibles and co-pays even with coverage from their employers, nor can they have a savings account, or contribute to a 401k even if one is available, and they are usually forced to leverage everything with credit, forget about a vacation. The interest eats any possible excess they might have even if they are very frugal. I think Obama is trying to help but I think a whole lot more than a $1,000 tax credit needs to be considered.

[MetryJen]

What amazes me is how many people making well under $250k a year seem to think they'll benefit from McCain's plan. I mean, come on, that is a LOT of money to most of us.

[clearthinker2008]

Yeah, I can't wait until November to see how all this turns out. I hope people for their interest for a change and not against it.

[Ged2012]

For the past weeks, the media and economic junkies have been scrutinizing the economic policies of Obama and McCain, and have been pushing for more specifics, branding the both of them as being overly optimistic. It would be wise if we wait for a much more detailed account as to how these two candidates cover the costs that would be needed to make their plans economically viable, which, as of press time, Obama has promised to release in several weeks. It would take them time to plan this out well, since it is the issue in American politics today which can make or break any one of the candidates.

The last thing a candidate needs is to rush revealing things to the media, without looking into loopholes which their opponent can take advantage of. Also, with the serious economic challenges facing America, it is an arduous task to come up with detailed plans which promote long-term benefits to ordinary Americans. To top it off, the Republican Party in Congress has been consistently blocking any bill which is supposed to make life more bearable for many. The thing is, no matter how noble the economic plans of either candidate are, these are still subject to the scrutiny of their colleagues on the Hill, and can be defeated for partisan purposes.

[kellygrrrl]

everytime I hear someone say that they are voting ReThug just because of taxes
I literally have to hold back the laughter.

We're not talking about the Rockefellers here.
It is the lamest most pathetic tired old line in the world
and in many case, it is a "cover" to mask something even more grotesque