Spread this around to Destroy McCain on Economy.

[gcomeau]

The video: http://www.youtube.com/watch?v=58GAr6OX9XA

The report: http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf

The graph made of gold (page 34 of above report. Page 35 has a good one as well):

Measured against current law in 2009, Senator Obama’s plan raises after-tax incomes by more than 5.5 percent for those in the bottom quintile and also provides more modest increases for those in the next three quintiles (figure 1). The top quintile would experience an average tax increase because of the hikes in the tax rates on capital gains and dividends and the increases in the top two individual income tax rates. The increase in taxes would be dramatic for those at the very top of the income scale, representing 8.7 percent of after-tax income for the top 1 percent of households and 11.5 percent of income for the richest 1 in 1,000.

In contrast, the McCain plan would provide virtually no benefit to households in the bottom quintile, and very modest benefits to those in the next three quintiles. The top quintile would receive a tax cut of more than 3 percent of after-tax income. Within the top quintile, the richest 1 percent of households would receive an average tax cut of 3.4 percent. That figure rises to almost 4.4 percent for the top 0.1 percent of the income distribution.
The difference in the distributional effects of the two plans is just as stark when measured against current law in 2012 (figure 2).
34

Quintile breakdowns:

Lowest Quintile = Less than $18,981 income per year.
Second Quintile = $18,981 -> $37,595 income per year.
Middle Quintile = $37,595 -> $66,354 income per year
Fourth Quintile = $66,354 -> $111,645 income per year
Top Quintile = Over $111,645 income per year.

Top 1% = More than $603,402 income per year.
Top 0.1% = More than $2,871,682 income per year.

That's right... McCain thinks that the people who need the most tax relief are people who make 3 million or more per year. How do you think the average voter is going to feel about that idea?

[jpak]

1. bookmarked

thanks

[phrigndumass]

2. bookmarked #2

Thanks for posting this, gcomeau! :thumbsup:

[gcomeau]

3. I sincerely think...

...that Obama should take McCain up on one of his town hall invites, and walk in with this graph on a giant board tucked under his arm and just flatten him.

Obama:

"So, how many people in this crowd make 3 million a year? Nobody? Really? Huh... too bad, because according to this independent study of our tax plans those are the people senator McCain is giving all his tax breaks to.

Now... how many people make less than a hundred and ten thousand a year? Let's hear it!

<roar>

Well now, all of you people will take home more money under my tax plan because I think you're the ones who actually need it. Who agrees?

<roar>"

McCain:

"My plan is good for the businesses and corporations who employ all of you! That's MUCH better! Who agrees with ME?

<chirp, chirp, chirp...>"

[iris88]

5. McCain's head would explode.

That lie really pisses me off. Carly Fiorina has been making the rounds spreading it like a disease all week.

[phrigndumass]

6. That would make my year, if he did that!

:rofl: McScrewed would be flattened!

[gcomeau]

4. kick...

Nobody interested in eviscerating McCain's constant "Obama and those liberal democrats will raise your taxes!!!!" silliness with a large majority of voters?

[Zachstar]

7. Bookmarking.

I already know a few places where I know it will come in handy in the future.

McCain is a dumbass for trying to make Obama into some kind of Tax+Spend Liberal. How on EARTH could he spend more than Bush has?

[Minimus]

8. thanks for posting - this is great info to have

[Sparkly]

9. Over $111,645 = loss of 2%? That doesn't sound good at all.

That top quintile needs to be broken down further. There's a vast difference between $112,000 and $1,120,000. I don't think his proposals negatively affect families under $200,000, do they?

[gcomeau]

12. It's broken down further in the report.

Page 22.

In the 80-90th percentile ($111,000-$160,000) he's still lowering taxes 1.6%. Increasing after tax income by 2.1%
In the 90-95th percentile (%160,000-$226,000) he's still lowering taxes 1.5%. Increasing after tax income 1.9%
95th-99th percentile is effectively break even.
Top 1% ($600,000+) taxes increase 6.1%, after tax income drops 8.7%
Top 0.1% ($2,900,000+) taxes increase 7.9%, after tax income drops 11.5%.

[HughBeaumont]

10. Kick and off to the greatest.

It's about time this long standing "Democrats will RAISE YOUR TAXES!" chestnut of the Borrow and Waste party gets blasted once and for good.

[independentpiney]

11. Bookmarked, thank you n/t

[eppur_se_muova]

13. KB&R. nt