Obama Camp Memo on Economic Tour, Day 4. Obama offers three times tax relief for middle class

[flpoljunkie]

Obama Camp Memo on Economic Tour, Day 4

The Obama Campaign Today – Thursday, June 12

On tap for today:

Tomorrow, on day four of our “Change that Works for You” economic tour, Obama will visit Kaukauna, Wisconsin, outside of Appleton, where he’ll discuss his middle class tax plan. Obama will also meet with the first in a series families who will help to demonstrate the relief American families will get from his plan as opposed to the policies of President Bush and John McCain. The event comes on the heels of a new Tax Policy Center report showing that one quarter of the tax benefits in John McCain’s plan benefit people making more than $2.8 million, and that Obama’s plan offers three times as much tax relief for the middle class.

Obama will visit with these tax relief families periodically on the campaign trail, and he’ll be discussing their stories every time he talks about tax relief—because this isn’t about numbers on a chart, it’s a bout real relief for struggling families.

New study: Obama offers three times the tax relief for the middle class

A new report from the non-partisan Tax Policy Center confirms what we already knew: Barack Obama economic proposals do more far more for middle class families and the economy than John McCain’s plan.

While McCain is fond of the false claim that Barack Obama will raise taxes, the new independent report finds that Obama’s tax plan will offer middle-class families three times the tax relief that they’d receive under McCain’s plan. Instead, McCain gives tax cuts to the rich: one-quarter of the benefits in McCain’s plan go to households making over $2.8 million annually.

The same independent study shows that John McCain’s budget proposals would increase the deficit over the ten years by $628 billion, even when you make generous use of George Bush’s gimmicks to hide the true cost. By contrast, the report found that by repealing tax cuts for the wealthy and closing corporate tax loopholes, Barack Obama’s plan would create enough revenue to pay for his middle-class tax cuts, while also paying for his health care plan.

And while McCain repeatedly points to his promise to eliminate earmarks, he refuses to name all the wasteful spending programs that he’d eliminate, and repeated analyses show that his claim that he’d save $100 billion is, as one analysis describes it, “largely fantasy.”

McCain’s promise to continue George Bush’s tax breaks for the wealthiest Americans and give big corporate interests a tax cut would cost $300 billion a year. But even the Wall Street Journal noted that McCain’s proposal to eliminate earmarks would not cover the cost of all of his tax cuts.

If he can’t come clean and explain specifically how he’d pay for the rest of his plan, it’s clear that, John McCain’s talk of reform simply doesn’t add up—just like his tax math. Americans can’t afford another four years of the George Bush’s soaring deficits and relief for the wealthy instead of the middle class, and that’s exactly what John McCain is offering in this election.

http://thepage.time.com/obama-camp-memo-on-economic-tour-day-4/

[MNDemNY]

1. Great for a campaign, but should we really

be talking about cutting taxes, any taxes, with this war to pay for??I mean really, I'd like to see a leader be honest and get this crap paid off.

[flpoljunkie]

2. Yes, we should. Middle class familes desperately need tax relief due to Bush's disastrous policies.

[MNDemNY]

3. Agreed, but lost revenue must be made up elsewhere.

We should not be passing the cost of this war on to our children. WE where ALL complicit.

[flpoljunkie]

4. Revenue will come from repealing tax cut for the wealthy and closing corporate tax loopholes.

The report found that by repealing tax cuts for the wealthy and closing corporate tax loopholes, Barack Obama’s plan would create enough revenue to pay for his middle-class tax cuts, while also paying for his health care plan.