Cliff Cleland: The gist of Obama’s tax plans for America
August 22, 2008
To counter recent false and misleading attack ads by John McCain on Barack Obama’s tax proposals, here is the gist of Obama’s tax plan for America.
Obama would reverse the Bush tax policy, which heavily favors the mega-rich. He would lower taxes for the poor and middle-class families (below $150,000), increase taxes for the rich, those earning upwards of $250,000 a year, and simplify it so most Americans could file in five minutes. He would eliminate all taxes on seniors making less than $50,000 and they would not have to file.
He would give 150 million working Americans up to a $500 tax credit.
To help fix the Social Security System, he would apply a tax of 2 to 4 percent on all incomes above $250,000.
It’s clear from his proposals that Barack Obama is not beholden to the wealthy and powerful, the corporations or lobbyists.
He is for the average American.
Recommended Stories For You
On the other hand, John McCain would make the Bush tax cuts for the rich permanent. On Aug. 16, McCain defined the rich as those making more than $5 million a year and those making less as middle class.
This elitist notion places him way out of the mainstream. Of course being married to a multi-millionaire beer heiress will do that to you.
Whose tax plan is the best for you and the best for America?