I remember having posted something about the GOP's b.s. about Obama and taxes. I didn't see Palin's speech, but can only imagine she's misrepresenting Obama's tax plan, yet again. Here's cited info on McCain vs. Obama's tax plans from my previous post - I hope its decipherable...
Obama's tax plan would raise taxes on the wealthiest 5% of the population (read: $603,000 and up), while SIGNIFICANTLY reducing taxes for those of us who make less than $66K when compared to McCain's plan. Which demographic do you fall in, I wonder? I tried to cut and paste, and format, a table of numbers below for you to peruse - hopefully it is still coherent format-wise.
From: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/10/AR2008061003376.htmlMcCain Camp Distorts Obama's Tax Policies, Exaggerates Their Adverse Impact
Sen. John McCain's camp is attempting to convince Americans that their taxes will increase dramatically with Sen. Barack Obama as president. The presumptive Republican nominee has repeatedly said that Obama would enact "the largest tax increase since the Second World War." A surrogate for McCain, former Hewlett-Packard CEO Carly Fiorina, insists that Obama has not proposed "a single tax cut" and wants to "raise every tax in the book."
AND from: http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/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.BREAKING DOWN THE NUMBERS
Here's how the average tax bill could change in 2009 if either John McCain's or Barack Obama's tax proposals were fully in place.
Income Avg. tax bill Avg. tax bill
Over $2.9M -$269,364 +$701,885
$603K and up -$45,361 +$115,974
$227K-$603K -$7,871 +$12
$161K-$227K -$4,380 -$2,789
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567
Source:The Tax Policy Center