The Candidates Tax Plans: Made relatively simple

http://www.taxfoundation.org/candidates08/compare/

Just wanted to give readers what the media wont...the facts on the candidates tax plans.

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McCain: Still getting caught lying about Obama's tax plan

Factcheck.org yet again points out that McCain's ads of Obama's tax policy are continually wrong.
A TV spot claims Obama once voted for a tax increase "on people making just $42,000 a year." That's true for a single taxpayer, who would have seen a tax increase of $15 for the year...But the ad shows a woman with two children, and as a single mother, she would not have been affected unless she made more than $62,150...is not part of his current tax plan anyway.
...ad claims...Obama supported...raised taxes on "families" making $42,000, which is simply false...single mother with one child would have been able to make $58,650 without being affected...family of four with income up to $90,000 would not have been affected.
The TV ad claims in a graphic that Obama would "raise taxes on middle class." In fact, Obama's plan promises cuts for middle-income taxpayers and would increase rates only for persons with family incomes above $250,000 or with individual incomes above $200,000.
...Obama would increase taxes "on the sale of your home." In fact, home-sale profits of up to $500,000 per couple would continue to be exempt from capital gains taxes
..."Obama has a history of raising taxes" on middle-class Americans. But that's false. It refers to a vote that did not actually result in a tax increase and could not have done so.

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McCain claims small business...

...will have raised taxes under Sen. Barack Obama's tax policy. He says 23 million small businesses. Factcheck.org checks in and says: Wrong. We find that the overwhelming majority of those small-business owners would see no increase, because they earn too little to be affected. Obama's tax proposal would raise rates only on couples making more than $250,000 or singles earning more than $200,000.
...But the number of business owners who would see their rates go up would be only a small fraction of what McCain says. Many would see their taxes go down.
The actual number of business owners who would be affected turns out to be well under a million, and the number of employers would be even less.

McCain argues that Obama's proposed increase is a job-killer. He has a point. It's true that increasing taxes on those at the top would leave them less money for other purposes, including investment and hiring in the case of business owners.

The article: http://www.factcheck.org/elections-2008/mccains_small-business_bunk.html

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