OBAMA, McCAIN AND TAXES

The wingnuts often claim that Obama will raise taxes on everyone and it's time to push back on this LIE. Thanx to David Kurtz at TPM, I was able to get this pic from CNN's analysis of the tax plans from Obama and McCain. Under Obama, you'll save more if you make less than 112K/yr and won't do too bad if you make between 112K and 161K.

The Tax Policy Center has done a more detailed analyis and here's part of the summary:

The two candidates' plans would have sharply different distributional effects. Senator McCain's tax cuts would primarily benefit those with very high incomes, almost all of whom would receive large tax cuts that would, on average, raise their after-tax incomes by more than twice the average for all households. Many fewer households at the bottom of the income distribution would get tax cuts and those whose taxes fall would, on average, see their after-tax income rise much less. In marked contrast, Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers. The largest tax cuts, as a share of income, would go to those at the bottom of the income distribution, while taxpayers with the highest income would see their taxes rise.

The TaxProf provided these 2 graphs from the analysis: