Obama's Tax Plan Would Balloon Deficit, Study Finds

Washington Post:

On the campaign trail, Sen. Barack Obama bashes President Bush for "reckless" economic policies that are "mortgaging our children's future on a mountain of debt." But the Democratic presidential candidate has adopted a key component of Bush's fiscal policy: A novel bookkeeping method that guarantees that the $9.5 trillion national debt will get much bigger.

When Obama promises to cut taxes for the middle class without increasing the deficit, he is measuring his proposals against the large deficits that would result from Bush's plan to extend his signature tax cuts beyond their 2010 expiration date. Because Obama wants to eliminate some of the Bush tax cuts, he would bring more money into the Treasury, permitting him to pay for new programs without increasing the deficit even more.

But under current law, all the tax cuts expire and the deficit disappears completely. Democrats in Congress have vowed to preserve the Bush tax cuts only if they can cover the cost and keep the budget in balance. Measured against current law and against the promises of his fellow Democrats, Obama would rack up huge deficits. According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018.

Read the whole story: Washington Post

Comments

[imsosure]

Talk about ballooning the deficit, the GOP is putting this entire country in to debt never seen before in modern history. I'd rather take my chances with Obama than knowing let the GOP stay in charge any day.

[Mr Grey]

What like Reagan, Bush 41 and Bush 43 have ballooned the deficit?

[Yohomegirl]

Lori is preggers with McCain's illigitimate love-child. She wrote this headline to increase her hush money.

[Ides]

...Can someone explain to me why the Washington Post is on the attack against Obama when their own facts make a stronger case against McCain?

[Eurovision]

This is the most misleading headline I've ever seen outside of Fox News. The McCain tax plan "balloons" the deficit by trillions more than the Obama plan but the title bashes Obama.

Why is HuffPo parroting MSM attack pieces?

[winterthur]

Easy to Read Table on Obama and McCain's Tax Proposals
This information may surprise you if you've been listening to the rhetoric. Basically, if you earn $112,000 or less per year, you will be paying More taxes through McCain than Obama.

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million.

[SMP]

and the filthy rich are a bitchin...­...too bad so sad.......­..........­.....we middle class are tired of living paycheck to paycheck..­..........­...Obama has the best plan......­..........­..........­.McCain 4 more years of Bush policies

[donaldw6]

What a dishonest hit piece! The author, Lori Montgomery, appears to be vying for the Mayhill Fowler award of budget reporting. Nice work, Washington Post, once again you show your utter contempt for your readers.

[shel3364]

"According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018. "

"According to the Tax Policy Center, McCain's tax plans would increase the national debt by at least $5 trillion over the next 10 years."

uh-huh

[jsinclair]

Yes. Why the completely misleading headline???

What gives?

[KiwisCanFly]

KISS (keep it simple stupid) my philosophy we trying to read economic goobly-gook. Try this site:

http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm

From: Tax Policy Center a nonpartisan policy group

McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.

Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.

The Tax Policy Center estimates that over 10 years, McCain's tax proposals could increase the national debt by as much as $4.5 trillion with interest, while Obama's could add as much as $3.3 trillion.

Both candidates favor keeping some or all of the Bush tax cuts in place. Wealthy taxpayers win out under McCain's plan, while lower-income earners benefit more under Obama's proposals

[RENREVARD]

This article also does not mention that the Brookings Institute the right leaning Republican group was a partner in that study. It also leaves out the cost of the Wars.

[TXOBAMAGIRL73]

The deficit is already huge from pouring money on Iraq and none into this country..H­e wants to take money put it back into the this country... Is that a bad thing ??

[confuseddemocrat]

What politician is going to be elected by primising that he/she will cut entitlements and raise taxes simultaneously? That is what is will take to make a dent in our national debt.

[joebhed]

Yes, you are confused.

It's the private banking cartels power to create debt-money that FORCES both parties to lie their way into power.

Here's what Thomas Jefferson thought about that power:

" I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. The issuing power should be taken from the banks, and restored to the people.

If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered.­"

Sound familiar?

Former New York Mayor John F. Hylan, c1922.

" The real menace of our republic is the invisible government, which, like a giant octopus, sprawls its slimy length over our city, state and nation. At the head is a small group of banking houses generally referred to as international bankers. This little coterie of powerful international bankers virtually runs our government for their own selfish ends."

The confusion is rampant, paralyzing and effective.

By design.

Monetary reform Now !

[karela]

Also important to note that other independent researchers have found that McCain's plan increases the deficit more than Obama's. The difference is that McCain's plan makes life easier for the wealthiest top 1-5% of Americans and for oil businesses as well spending heavily on military, while Obama's plans are focused on making the country energy independent, creating jobs, rebuilding our dangerously aged infrastructure, improving the lives of regular Americans by making sure they have access to healthcare, jobs and clean air. Don't we all think that it's about time that somebody focused on the struggles and needs of ordinary Americans? McCain sees the world as a giant opportunity to push his ideas by waging war. Obama seesAmerica as a place where people live who need and deserve a good life, and that that life will still be available for our children and grandchildren.

[uvymopkq]

I'm shocked...­..raising taxes would add $3.4 trillion to the national debt. Do you think the rich would move to another country. No.....the­y would just hand over their money.

[chosenson]

Hey, Did anybody think to wish McCain "HAPPY KEATING-5 ANNIVERSARY!"

http://www.ourfuture.org/progressive-opinion/keating-five-legacy