30 Days. 30 Issues: Taxes

Oh what a wonderful subject! Barack Obama is consistently accused in this, the campaign where NYT has said, "McCain is running one of the most appalling campaigns we can remember," as being a socialist. Um, what with McCain being part of the party who is responsible for our current financial crisis and now our current bailout, no, Barack Obama is not the socialist here. Which is why he belongs to the Democratic Party.

Ahem. Sorry just a little frustration outburst there. Tired of the smears is all! Back to the issue:

Under Barack Obama's Tax Plan:

• Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
• Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
• Obama’s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut – his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit.

Barack Obama for President