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McCain's Tax Plan Aids Wealthy, Says Group

By Perry Bacon Jr.
A detailed analysis of the candidates' tax plans confirms one of Barack Obama's top arguments against John McCain: the Arizona senator's proposals would offer substantial benefits to wealthy Americans.

An analysis of both campaigns proposals by the Washington-based, nonpartisan Tax Policy Center found that for people with incomes between $66,354 and $111,645, Obama's proposals would cut their taxes by more than $1000, compared to around $300 under McCain's plan. But for Americans with incomes above $603,402, Obama would raise their taxes dramatically, by more than $115,000 a year, while McCain would cut them by $45,000.

"The Obama tax plan would make the tax system significantly more progressive by providing large tax breaks to those at the bottom of the income scale and raising taxes significantly on upper-income earners," the group concludes. "The McCain tax plan would make the tax system more regressive.... It would do so by providing relatively little tax relief to those at the bottom of the income scale while providing huge tax cuts to households at the very top of the income distribution."

McCain argues that such high taxes on the wealthy will slow economic growth. And the report also gives credence to another of McCain's arguments about Obama's plan, it will raise taxes on seniors. Because seniors are more reliant on gains from investments and capital gains, which Obama would increase, the group estimates Obama would raise taxes on more than ten million seniors.

Obama has proposed exempting seniors who make less than $50,000 a year from paying taxes, an idea the Tax Policy Center said "is poorly designed according to its current description and creates inequity between older and younger taxpayers with the same income."

The group is skeptical about both candidates' ideas about closing the deficit, suggesting McCain has not been detailed in which programs he will cut, while Obama might be overestimating how much can be gained by combating loopholes in the tax code that allow corporations to reduce their tax burdens.

By Web Politics Editor  |  June 12, 2008; 11:10 AM ET
Categories:  On the Issues  
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Comments

It's truly amazing the Republicans get away with this, year-in, year-out.

Posted by: Steven | June 29, 2008 8:56 AM | Report abuse

If taxes were adjusted where the wealthy were exempt from being taxed and the middle/lower class were to carry the full burden of paying taxes for the U.S., McBush and the wealthy would still proclaim that there is nothing wrong with the tax system and that it is well within balance because why should the wealthy support the poor anyway, right??

Posted by: MarieCA | June 22, 2008 12:33 PM | Report abuse

Obsama's loaded so obviously he's not gonna care about the working man as a typical limosine liberal. At least Mccain's not going to take all my money away so he can give it to the poor and "needy" I suppose Baraq will soon be trying to tax my inheritence and I'll end up with squat! We can't let this happen, vote against the liberal elitist, don't let them take our money!

Posted by: Republican and proud | June 18, 2008 12:58 AM | Report abuse

So, when Obama says he will raise taxes on those that "make" $250,000 / year, how will that affect my mom and dad? They are retired and live off of a GS-12 retirement and their investments. Does "make" $250k / year mean that you take that much out every year from your earnings? I like what he's saying, but I would hate to see folks like my parents suffer when they have worked really hard to save and prepare for the future. I know they don't take that much out every year, but it may be that their stocks earn that much in a year and then they reinvest it.

Posted by: ALgirl | June 17, 2008 8:10 PM | Report abuse

Sounds like McCain is trying to lose on purpose!

Posted by: MamaBear | June 12, 2008 11:26 PM | Report abuse

Please send or email your article to MSNBC.

David Gregory, Chris Matthews and Joe Scarbourgh have

not read it and need to do so.

Thank You!

Posted by: Midwest Maggie | June 12, 2008 8:20 PM | Report abuse

I had no idea that Mccain was planning on cutting taxes even further for the rich! It didn't say specifically whether he would cut the capital gains tax or not but im guessing that probably would've been included in the number that they gave. Anyways, certainly don't agree Obama on everything but at least hes sane when it comes to taxes. With the tax system that we have right now, lowering capital gains discourages productivity.

Posted by: Andrew | June 12, 2008 4:39 PM | Report abuse

Gosh, who would have thunk? A Republican favoring the wealthy, I just can't believe it!

McSame's words will come back to haunt him quickly.

Posted by: hmmmmmer | June 12, 2008 3:32 PM | Report abuse

Make no mistake the people voting this year will be looking at this issue primarily. Some of these people will also be concerned w. Iraq to but this will be the biggest campaign EVER!
McCain = Wealthy Tax Breaks
Obama = More Evened out - Most Fair Tax Plan.

Posted by: brandy w | June 12, 2008 2:01 PM | Report abuse

The Republican Party is a Pure de joke!! It is amusing to see McBush continuously flip flop, flop, flip and then try to divert his pathetic rhetoric and lies on his opponent. McBush is a looser with a "L"! He sucks and his policies suck. He has no credibility, he's more of a liar than Hillary Clinton. Either he's a liar or he is senile. His memory is totally slipping away. He gets caught in his lies so much until I just want to tell him what Clint Eastwood would say "Just shut your face!" Everytime he talks he looks dumber and dumber....ROTFLMAO!!! Oh boy, yipee this is going to be a comedy show!

Posted by: Anonymous | June 12, 2008 1:54 PM | Report abuse

Posted by: Anonymous | June 12, 2008 1:16 PM | Report abuse

Has anyone checked out the latest on HuffPost? Evidently, McCain is taped on Meet the Press in June 2005 with Tim Russert saying he is in total agreement with Pres. Bush's policies and issues. YOu can't dispute what comes out of the horse's mouth. Here is the link to the entire transcript from MSNBC:
www.msnbc.msn.com/id/8245636
MR. RUSSERT: It is interesting. The Washington Post put up these numbers. Hillary Clinton has an 81 percent approval among Dems; 55 percent approval amongst Independents; 20 with the GOP. You have a 59 percent approval with Democrats; 59 with Independents; and just 56 with Republicans. And what people point to--and this is an article in your hometown paper, the Arizona Republic, "At Odds With Bush. John McCain repeatedly has taken maverick positions that have put him at odds with President Bush's administration, and rankled his party's right wing. Among McCain's stances that differ from those of Bush: tax cuts...War...Domestic spending...Campaign-finance reform...Medicare...Drug importation...Stem-cell research...Environment...Patients' rights...Judicial appointments...2004 campaign," and particularly the rhetoric about John Kerry. The fact is you are different than George Bush.

SEN. McCAIN: No. No. I--the fact is that I'm different but the fact is that I have agreed with President Bush far more than I have disagreed. And on the transcendent issues, the most important issues of our day, I've been totally in agreement and support of President Bush. So have we had some disagreements on some issues, the bulk--particularly domestic issues? Yes. But I will argue my conservative record voting with anyone's, and I will also submit that my support for President Bush has been active and very impassioned on issues that are important to the American people. And I'm particularly talking about the war on terror, the war in Iraq, national security, national defense, support of men and women in the military, fiscal discipline, a number of other issues. So I strongly disagree with any assertion that I've been more at odds with the president of the United States than I have been in agreement with him.

Posted by: RobininAlpharetta | June 12, 2008 1:05 PM | Report abuse

McCain is senile and living in the fantasy world of BushCo where only the wealthiest American's interests are served at the expense and detriment of the rest of the US and world's population. Stop funding senseless futile wars that benefit Corporate chieftains at the expense of all US citizens. McBush must be stopped or the US as we have known it is over.

Posted by: Dan | June 12, 2008 12:36 PM | Report abuse

The WaPo being rich beltway insiders, probably didn't realize that to most of America, this is a negative story about McCain. I'm sure it will make them shill for him even more.

Posted by: TEXDEM | June 12, 2008 12:33 PM | Report abuse

McCain is married to an heiress and people are shocked about his tax plans aiding the wealthy much more than middle America!

McCain could care less about most domestic issues. Rising health care costs, McCains says "go to the doctor less"! Rising gas prices, McCains says "drive less and get use to it"! Rising home foreclosures, McCains says "pull yourself up by your bootstraps"!

McCain's only issue he openly talks about is the use of military force in regards to Iraq, Iran, North Korea, China, Russia, and Syria.

Posted by: Obama-Junkie | June 12, 2008 12:11 PM | Report abuse

I actually find myself agreeing with the senior exemption, with a caveat: if social security does get in as bad a shape as many expect it to, this might be a good solution, especially if we sink into a period of high inflation.

Posted by: B | June 12, 2008 12:07 PM | Report abuse

McCain's Tax Plan Aids Wealthy, I am shocked, not

Posted by: Anonymous | June 12, 2008 11:49 AM | Report abuse

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