McCain has been saying that Obama's tax cuts will actually raise taxes. The truth though is if you're in the lowest tax bracket McCain's plan will put $19 back in your pocket. Obama's plan could almost pay for a month of rent at $567 for the poor.
It is true that Obama's plan will have some
taxpayers paying more. The top 1 per cent of the population would have a large increase when it rolls around tax time. That same group would be smiling with McCain's plan.
Looking at a breakdown between the tax plans from the
Washington Post it's clear that those in the lowest economic tax brackets will be benefiting more from Obama's proposals. If you break it down Obama's plan saves the tax payer one month of rent. Those in most need under McCain's plan could buy a pair of shoes at Payless Shoes Store or put a few more items in their grocery cart.
As to helping the nation get out of debt neither plan would stop deficit spending. That is if you only look at this as the be all end all model.
Considering other means of balancing the
budget, military spending for example isn't factored into this proposed budget. Those cuts though aren't factored into the tax cuts that are being discussed.
When it comes to Obama and McCain's tax cuts those who most need help in the pocketbook benefit from Obama's model.
It depends where you sit on the tax bracket scale as to which candidate helps you out most. For the majority though it is clear that Obama's plan would see more money back in the pockets that need it most.
