We've been told by the talking heads on teevee that Americans will decide this election based not on the issues but on personality. However, as a scientist I firmly believe that we must make conclusions based on the data. In this series of posts, I'll try to give you access to all the available facts.
So let's start off with taxes, there's a clear difference between Obama and McCain's plans.
(ht: Digby, Crooks and Liars, Washington Post)
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Fact #1: There's a clear difference between Obama and McCain on taxes.
(ht: Digby, Crooks and Liars, Washington Post)
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Obama's graph looks suggestive of a plan for Wealth Redistribution.
As if wealth redistribution towards the upper income brackets hasn't bee happening in the lase 25 years?
Yeah, because warren buffet's secretary paying taxes at a higher % then he is isn't wealth distribution. Or all the bailouts of large investment banks isn't wealth redistribution. Get real.
Charles Iliya Krempeaux:
Oddly enough, so does McCain's...
@Coriolis, you said...
The bailout of the large investment banks is definitely Wealth Redistribution too.
But that seem to have nothing to do with noting that Obama's graph looks suggestive of a plan for Wealth Redistribution.
It's a red herrings.
Not only because it doesn't change the truthfulness of my assertion.
But also since both McCain and Obama are reported as supporting these bailouts!
I wish the graph showed median in addition to or instead of average. That means a lot more to the middle class.
Actually, the other thing missing here is the increase in BUSINESS tax for small business owners which Obama would implement. For example, a primary care doctor who makes $150,000 per year may not have a higher income tax, but his COMPANY (i.e., the practice made up of three partners) may make $900,000 per year in gross revenue. Well, if the business tax goes up, then that doctor will either have to cut wages of its employees, let some employees go, or reduce his or her own salary in order to pay those higher taxes. So, it's actually pretty misleading. This, by the way, is a VERY REAL EXAMPLE, since a practice making $900,000 would break down to about $300,000 per partner, and then about 50% of that goes to paying overhead (i.e., rent, supplies, employees, health insurance, etc.). Think about that the next time you go to a doctor's office and bitch about the bill!
Although one could expect Obama's Health Tax Credit to make health insurance more affordable would at the least partially offset such cost.
Further, from Obama's Plan For Small Businesses: