The Facts About Tax Cuts and the Presidential Campaign

10-25-08, 1:08 pm

As John McCain travels the country screaming about taxes, socialism, terrorism, and anything else that occurs to him, more than 1.5 million people have logged onto the Obama campaign's new Web site, , to find out how much they would save in tax relief under the Obama plan.

With a few clicks, anyone can enter basic tax information and learn what kinds of credits and benefits they would qualify for under an Obama presidency. The online calculator also compares the savings they would see under Obama's plan to McCain's proposals.

According to a new TV ad put out by the Obama campaign to publicize the Web site, the independent Tax Policy Center says Obama offers middle class tax cuts three times as big as McCain’s. This analysis has also been backed up by conservative think tanks like the Heritage Foundation.

The McCain campaign appeared to admit this past week that an Obama administration would provide real relief to working families when it labeled Obama's plan 'welfare' for working families, complaining that Obama's plan would 'spread the wealth' to struggling working families. McCain repeatedly insisted that such a plan should not happen during a recession.

McCain also failed to explain how his proposed tax cuts for the wealthiest corporations and CEOs, some of whom are directly responsible for the financial meltdown, isn't a reverse form of corporate welfare.

According to independent analysis, McCain has proposed to give $45 billion in tax breaks to the 200 wealthiest corporations in the country, including $4 billion for the largest oil companies. McCain has never explained how this idea would help pay down the $10 trillion national debt he, his party, and George W. Bush put in place over the last eight years.

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