The Great Tax Debate

If you're planning to vote McCain for his conservative taxation policies, please straddle the fence with me and read this summary of Obama's plan, and this comparison of the 2 plans (from Obama's site, I couldn't find one on McCain's site).

Also, via FactCheck.org, here are a couple of interesting quotes in relation to taxes from the VP Debate a few weeks ago.

"Palin also repeated the exaggeration that Obama voted 94 times to increase taxes. That number includes seven votes that would have lowered taxes for many, while raising them on corporations or affluent individuals; 23 votes that were against tax cuts; and 17 that came on just 7 different bills. She also claimed that Biden and Obama voted for "the largest tax increase in history." Palin is referring here to the Democrats' 2008 budget proposal, which would indeed have resulted in about $217 billion in higher taxes over two years. That's a significant increase. But measured as a percentage of the nation's economic output, or gross domestic product, the yardstick that most economists prefer, the 2008 budget proposal would have been the third-largest since 1968, and it's not even in the top 10 since 1940."

"Palin repeated a falsehood that the McCain campaign has peddled, off and on, for some time:

Palin: But when you talk about Barack's plan to tax increase affecting only those making $250,000 a year or more, you're forgetting millions of small businesses that are going to fit into that category. So they're going to be the ones paying higher taxes thus resulting in fewer jobs being created and less productivity.

As we reported June 23, it's simply untrue that "millions" of small business owners will pay higher federal income taxes under Obama's proposal. According to an analysis by the independent Urban-Brookings Tax Policy Center, several hundred thousand small business owners, at most, would have incomes high enough to be affected by the higher rates on income, capital gains and dividends that Obama proposes. That counts as "small business owners" even those who merely have some sideline income from such endeavors as freelance writing, speaking or running rental properties, and who get the bulk of their income from employment elsewhere."

I'll post more on this later this week but that should get us started. Comments are encouraged!