For a few Americans, McCain's telling the truth - President Obama would raise their taxes. But for most Americas, the McCain statement about how President Obama will raise their taxes... that statement is a LIE. Not an interpretation of Obama's tax plan that I just disagree with, but the kind of lie that makes kids at an elementary school yell pants on fire!.
Is McCain lying to you (or your working age child)? I know Congress has to approve changes in the tax law. I know there are cynics out there who don't think any politician ever plans to keep any promise. But let's just talk about the tax plans the candidates have put forward.
I came across a short article at the Washington Post that has a simple little chart to help you tell. And in case you're not good with charts, I'll help you a little...
If you make under $18,981 a year, President Obama would lower your income taxes by 5.5% - an average of about $567 per year for people in this category. John McCain, if he became president, would lower your taxes, too - but only by two-tenths of one percent, or an average of nineteen bucks for people in this category. ($18,981 per year is about $9 an hour, 40 hours per week, 52 weeks a year.) If you're in this category, not only is McCain lying to you, but you'd be better off personally under the Obama plan than under the McCain plan.
If you make between $18,981 and $37,595 a year, President Obama would lower your income taxes by 3.6% - an average of $892 per year for people in this category. John McCain, if he became president, would lower your taxes, too - but only by about half of one percent, or an average of $113 for people in this category. ($37,595 per year is about $18 an hour, 40 hours per week, 52 weeks a year.) If you're in this category, not only is McCain lying to you, but you'd be better off personally under the Obama plan than under the McCain plan.
If you make between $37,596 and $66,354 a year, President Obama would lower your income taxes by 2.4% - an average of about $1,042 per year for people in this category. John McCain, if he became president, would lower your taxes, too - but only by about seven-tenths of one percent, or an average of $319 per year. ($66,354 per year is a salary of about $5,529 a month, or a paycheck every two weeks of $2,552.) If you're in this category, not only is McCain lying to you, but you'd be better off personally under the Obama plan than under the McCain plan.
These first three categories include 60% of all tax payers
If you make between $66,355 and $111,645 a year, President Obama would lower your income taxes by 1.8% - an average of about $1,290 per year for people in this category. John McCain, if he became president, would lower your taxes, too - but only by about 1.4%, or an average of $1,009 per year. ($111,645 per year is a salary of about $9,304 a month, or a paycheck every two weeks of $4,294.) If you're in this category, not only is McCain lying to you, but you'd be better off personally under the Obama plan than under the McCain plan.
If you make between $111,646 and $160,972 a year, President Obama would lower your income taxes by 2.1% - an average of about $2,204 per year for people in this category. John McCain, if he became president, would lower your taxes more - by about 2.5%, or an average of $2,614 per year. ($160,972 per year is a salary of about $13,411 a month, or a paycheck every two weeks of $6,191.) If you're in this category, McCain is lying to you about whether President Obama would raise your taxes; personally, you'd do better (on income taxes, at least) under McCain, but not by much.
If you make between $160,973 and $226,981 a year, President Obama would lower your income taxes by 1.9% - an average of about $2,789 per year for people in this category. John McCain, if he became president, would lower your taxes more - by about 3%, or an average of $4,380 per year. ($226,981 per year is a salary of about $18,915 a month.) If you're in this category, McCain is lying to you about whether President Obama would raise your taxes; personally, you'd do better (on income taxes, at least) under McCain.
If you make between $226,982 and $603,402 a year, President Obama would lower your income taxes, but not by much - an average of about $12 per year for people in this category. John McCain, if he became president, would lower your taxes much more - by about 3.1%, or an average of $7,871 per year. ($603,402 per year is a salary of about $50,203 a month - which is more than I make as an elementary school teacher in a year.) If you're in this category, your taxes could possibly go up under President Obama, but not by much.
If you are in the top one percent of wage earners in America and make between $603,403 and $2.87 million a year, President Obama would raise your income taxes by about 8.7% - an average of about $115,974 per year for people in this category. John McCain, if he became president, would lower your taxes a bunch - by about 3.4%, or an average of $45,361 per year. ($2.87 million per year is a salary of about $239,166 a month.)
If you are in the top one-tenth of one percent of wage earners in America and make over $2.87 million a year, President Obama would raise your income taxes by about 11.5% - an average of about $701,885 per year for people in this category. John McCain, if he became president, would lower your taxes considerably - by about 4.4%, or an average of $269,364 per year.
So...
Is McCain lying to you? The simple answer is yes. McCain wants you to believe that as president, Barack Obama would raise everyone's taxes. The truth is that he would attempt to lower taxes for 98% or more of the population. When McCain's ads tell you that Obama wants to raise your taxes, it's not just a lie, it's a damn lie. That makes McCain a damn liar.
If you're bringing home more than $240,000 a month McCain's your guy. Otherwise, he just wants you to help out his guys by voting for tax cuts for the obscenely rich...
Read my article on what the Wall Street Journal thinks of McCain's and Obama's tax plans.
