Business Week Compares Tax Plans

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Registered: 09-06-2008
Business Week Compares Tax Plans
4
Thu, 09-11-2008 - 1:30pm
Between Obama and McCain. It's a couple of months old, but worth re-running, because the two men's plans haven't changed. Bottom line? It doesn't come out well for McCain. But I forgot that Business Week is mostly a bunch of anti-American commies who'll lie, cheat and steal to get Obama elected, right?


First Round to Obama


So where does the reality lie? According to a new analysis by the nonpartisan Tax Policy Center, a joint venture between the Urban Institute and the Brookings Institution, two Washington think tanks, this round goes to Obama. The TPC took a look at the various tax proposals put forth by the two candidates and estimated that Obama's plan would lead to a boost in aftertax income for all but the highest earners, while taking a smaller bite out of government tax revenues than would McCain's plans.



Len Burman, a former Treasury tax official who is now a senior fellow at the Urban Institute, says if Obama's proposals—which include plans to rescind the Bush tax cuts on couples making more than $250,000, close corporate tax loopholes, and tax private equity earnings known as "carried interest" as ordinary income—were adopted in 2009, for example, married couples with earnings in the lowest quintile of the population would see their aftertax income rise 5.8%. Those in the next quintile would see an increase of 4%. Those breaks would be paid for by those with high incomes: the top 1% of taxpayers would see aftertax income fall 8.4%.



Under McCain's proposals, by contrast—including an extension of the Bush tax cuts for all taxpayers, a corporate tax cut, and a larger reduction in estate taxes than Obama would support—far more of the benefits would go to the top. If his plans went into effect in 2009, married couples in the bottom fifth of the population would see aftertax income go up just 0.2%, while those in the next quintile would see a 0.7% hike. But those in the top quintile would see a bump up in aftertax income of 2.7%.

Now in darkness, world stops turning
Ashes where the bodies burning
No more war pigs have the power
Hand of God has sturck the hour
Day of judgement, God is calling
On their knees, the war pigs crawling Begging
iVillage Member
Registered: 09-06-2008
Thu, 09-11-2008 - 1:52pm
Go on, read it all, you GoOPers who believe Obama will "raise taxes on most people" or whatever.

Now in darkness, world stops turning
Ashes where the bodies burning
No more war pigs have the power
Hand of God has sturck the hour
Day of judgement, God is calling
On their knees, the war pigs crawling Begging
iVillage Member
Registered: 01-05-2008
Thu, 09-11-2008 - 2:13pm
Thanks for posting this corrigenda.

 

 

Guild Member since 2009

iVillage Member
Registered: 07-03-2008
Thu, 09-11-2008 - 2:24pm
Like pigs and lipstick! Me, I'm very concerned that McCains healthcare plan will actually end up costing MORE! Especially, if he want to TAX your Employer healthcare benefits.
Avatar for undefeated
iVillage Member
Registered: 03-27-2003
Thu, 09-11-2008 - 2:34pm
Don't hold your breath for the conservative response.