Is Obama worth it?

Look at this chart from CNN:

BREAKING DOWN THE NUMBERS

Here’s how average tax bills could change in 2009 if the candidates’ tax proposals were fully in effect.* An average decline doesn’t mean everyone’s bill in a given group would fall, nor does an average increase imply everyone’s bill goes up.

MCCAIN OBAMA

Income Avg. tax bill Avg. tax bill

Over $2.9M -$577,148 +$699,872

$603K and up -$109,214 +$121,689

$227K-$603K -$15,877 +$942

$161K-$227K -$6,322 -$2,796

$112K-$161K -$3,736 -$2,135

$66K-$112K -$1,487 -$1,264

$38K-$66K -$608 -$1,118

$19K-$38K -$259 -$892

Under $19K -$65 -$567

* Not all proposals are slated for 2009. Example: Obama’s proposal to increase what high-income earners must pay into Social Security. The campaign said such a measure wouldn’t take effect for 10 years.

Anyone making over $66K will actually do better under McCain’s plan and those under $66K will only do marginally better under Obama’s plan. Is it really worth risking our economic future for people under $66K to get a few extra hundred dollars a year?? Because that’s all it is. We will risk wrecking the economy, bigger government, unchecked liberal power in the Congress, White House, and Supreme Court, and weakening our military for just a few hundred dollars???

Raising taxes on the wealthy will not make things “more fair”, it will hurt the economy which will hurt everyone’s future especially the lower and middle classes. 5% of taxpayers pay 60% of income taxes. Is this not fair enough? Will we not be satisfied until no one is considered wealthy? Our budget is $2.6 trillion. Is this not enough money to run the government? Is there some reason we think we need higher taxes? How about cutting spending instead? Historically revenues have always increased following tax cuts due to increased jobs, wages, and investment in our economy. Let’s look at Obama’s tax plan for what it is. It is an attempt to create class warfare, to foster dependency on government and to generate a single class system where no one is wealthy and no one is poor. Sounds Marxist to me.

John McCain is closing the gap. Do not be discouraged. Make your voice heard and do the right thing. Save us from Obama.

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This entry was written by Scott Allan and posted on October 29, 2008 and filed under politics. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment(Latest is displayed first) or leave a trackback: Trackback URL.

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4 Comments so far (Add 1 more)

Scott said: Anyone making over $66K will actually do better under McCain’s plan and those under $66K will only do marginally better under Obama’s plan.

The nonpartisan Tax Policy Center’s analysis is different:

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

According to their analysis, families making between $66K and $111K would do better under Obama’s plan.

Historically revenues have always increased following tax cuts due to increased jobs, wages, and investment in our economy.

Not necessarily. First of all it’s important to correct for inflation and population growth, both of which tend to make revenues grow regardless of tax policy. Second, when adjusted for these factors tax revenues actually fell during the first half of the Bush administration. And during the Clinton administration they rose consistently despite the tax increase.

http://krugman.blogs.nytimes.com/2008/01/16/taxes-and-revenues-another-history-lesson/

1. Silke on October 30th, 2008 at 7:51 pm
Silke,

Obama’s tax plan seems to be a moving target. Obama first said everyone under $250,000 would get a tax cut. Then this week he said Under $250,000 will see no tax increase and under $200,000 will get a tax cut. Then Biden says under $150,000 will get a tax cut. Now today Richardson says under $120,000 will get a tax cut. Seems as though this part of a deliberate plan as there reports that Obama is getting ready to lower expectations following the election. Quite frankly I don’t trust him to keep his word just like he didn’t keep his word on taking public financing.

2. Scott Allan on October 31st, 2008 at 8:55 pm
Scott, what did you think about my comment regarding your statement about revenues always increasing following tax cuts?

3. Silke on November 2nd, 2008 at 8:01 pm
Silke, I’m sorry I haven’t had a chance to dig into it and give you a proper response yet. Hopefully I can spend the time needed soon.

4. Scott Allan on November 6th, 2008 at 4:04 pm