Someone needs to remind Obama that he's NOT a Republican

[kaydee457 13]

Obama: Recession could delay rescinding tax cuts 49 minutes ago

Democrat Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.

Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their expiration date, as Republican John McCain advocates. Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday.

"Even if we're still in a recession, I'm going to go through with my tax cuts," Obama said. "That's my priority."

What about increasing taxes on the wealthy?

"I think we've got to take a look and see where the economy is. I mean, the economy is weak right now," Obama said on "This Week" on ABC. "The news with Freddie Mac and Fannie Mae, I think, along with the unemployment numbers, indicates that we're fragile."

Obama was referring to the two mortgage companies taken over by the federal government Sunday in what could become a huge taxpayer bailout. The nation's unemployment rate climbed to 6.1 percent in August from 5.7 percent the month before, the government said last week. It was the first time in five years that the unemployment rate had topped 6 percent.

Obama and McCain have sparred over tax policy for months. Obama says McCain wants to continue Bush administration policies, noting that McCain had voted against the Bush tax cuts but then embraced them as he campaigned for the Republican presidential nomination.

"John McCain likes to talk about fiscal responsibility, but there is no doubt that his proposals blow a hole through the budget," Obama said.

McCain has repeatedly hammered Obama over taxes in an attempt to paint him as a typical tax-and-spend liberal. McCain wants to make permanent the Bush tax cuts, which are set to expire at the end of 2010.

"We can get this economy back on it's feet," McCain said in an interview aired Sunday on "Face the Nation" on CBS. "Don't raise their taxes. Get it going again. Americans are hurting in a way that they have not hurt for a long time."

The Tax Policy Center, a think tank run jointly by the Brookings Institution and the Urban Institute, concluded that Obama's tax plan would benefit middle-income taxpayers more than McCain's. However, Obama would raise payroll taxes on taxpayers with incomes above $250,000, and he would raise corporate taxes. Small businesses that make more than $250,000 a year also would see taxes rise.

McCain's plan cuts taxes across all income levels. It would cut taxes for those in the top 1 percent by more than $125,000, raising their after-tax income an average 9.5 percent, the center concluded.

source

[IAMX 3,055]

So McCain's position is try to pander to the other side by pretending to care, while Obama's way of pandering is completely change his mind and actually go through with the Republican nutty plans. This is pathetic.

Edited September 7, 2008 by SRVT

[dalegg 143]

What? Is he admitting that tax hikes would hurt the economy? Is this kind of an endorsement on tax cuts? First he doesn't deny that decreasing capitol gains taxes increases tax revenue, now this. Change, baby. Change.

[IAMX 3,055]

What? Is he admitting that tax hikes would hurt the economy? Is this kind of an endorsement on tax cuts? First he doesn't deny that decreasing capitol gains taxes increases tax revenue, now this. Change, baby. Change.

It's liek, a light switch. Off. On. Off. On.

[one...two...tree 2,762]

On a positive note, this further demonstrates that Obama is not as hard left as some Right Wingers claim.

I'll save making any assumptions about his thinking on this until I can read where he explains why he said that, but I would imagine that it's something along the lines that such a change could have an initial impact on consumer confidence that might further hurt an already sagging economy.

The claim by Bush and now by McCain that by cutting taxes on the top income earners in this country is how you stimulate the economy, the last 8 years have demonstrated that to be false. Obama and the Democratic Party's platform is that a Middle Class tax cut is the most effective way in terms of income taxes to stimulate the economy. That's putting more money back into the pockets of more Americans.

As far as what would have a far greater impact on the economy though, we should be investing Federal money into domestic alternative energy and technology, and from what I've read and listened to Obama, that's exactly what he's been pushing as his agenda for stimulating the economy.

........

McCain's False Attacks: "I will keep taxes low and cut them where I can. My opponent will raise them."

The Facts: Obama Will Cut Taxes, McCain Will Raise Them -- David Leonhardt of The New York Times Wrote That, "For Most People, Obama Is The Tax Cutter In This Campaign."

Leonhardt wrote that, " The Tax Policy Center, a research group run by the Brookings Institution and the Urban Institute, has done the most detailed analysis of the Obama and McCain tax plans, and it has published a series of fascinating tables. For the bottom 80 percent of the population -- those households making $118,000 or less -- McCain's various tax cuts would mean a net savings of about $200 a year on average. Obama's proposals would bring $900 a year in savings. So for most people, Obama is the tax cutter in this campaign." [The New York Times, 8/24/08]

Analysts Say That Obama's Tax Cut Plan "Offers Three Times The Break For Middle Class Families Than Proposals" Of McCain. "The tax cut plan of Democratic nominee to be Barack Obama offers three times the break for middle class families than proposals of likely Republican nominee John McCain, according to analysts working for a left-leaning think tank. Families making between $37,595 and $66,354 of annual income with Obama would get an average tax cut of $1,042 per family while McCain's tax cut for this group would be $319, the report states." [Nashua Telegraph, 6/12/08]

Under Obama's Plan The Middle Of The Middle Class Would See Taxes Cut By $1,042 A Year; McCain's Tax Plan Would Give Them Only A $319 Tax Cut. According to the non partisan Tax Policy Center's computations, "under Mr. Obama's plan, the middle of the middle class, or those earning $37,595 to $66,354, would see taxes cut by $1,042 a year. Under Mr. McCain's plan, taxes for people in that category would also fall, but by $319; the largest chunk of the benefits would go to those making $2.8 million a year or more." [New York Times, 6/13/08]

Washington Post: McCain's Approach To Taxes Is Far More Costly Than Obama's. "There is a serious debate to be had in this presidential campaign about the fundamentally different tax policies of Barack Obama and John McCain. Then there is the phony, misleading and at times outright dishonest debate that the McCain campaign has been waging -- most recently with a television ad. The two candidates have very different positions on taxes. Mr. Obama wants to raise taxes on the wealthiest Americans and cut them substantially for low- and middle-income taxpayers. He would cut taxes for more households, and by a larger amount, than Mr. McCain, who would give the greatest benefits to wealthy households and corporations. The McCain campaign insists on completely misrepresenting Mr. Obama's plan. The country can't afford the tax cuts either man is promising, although Mr. McCain's approach is by far the more costly. We don't expect either side to admit that. But neither side should get to outright lie about its opponent's positions, either." [Editorial, Washington Post, 8/31/08]

ABC Headline: McCain Health Credit Could Morph Into Tax Hike. McCain's "health-care plan would replace the existing tax exclusion for employer-sponsored coverage with a refundable tax credit for all Americans. The tax change is intended to create a more equitable system that provides everyone -- including those who do not receive their health coverage from their employer -- with the same tax advantage. And since it is refundable, it would provide a cash benefit to those who earn too little to pay federal income taxes. But if the cost of health care continues to outpace inflation in the economy at large, McCain's health credit would morph into a tax hike for those who currently receive a tax exclusion for employer-sponsored coverage, according to a study released Wednesday by the liberal Center for American Progress." [ABC News, 7/2/08] McCain's Health Care Plan Would Raises Taxes On Families By $1,169 In 2013. According to a report by the Center for American Progress, the tax credit in McCain's health care plan would fall behind rising health premiums and would raise taxes for the average family by $1,169 in 2013. ["John McCain's Radical Prescription for Health Care," Center for American Progress Action Fund, 7/2//08]

McCain's Campaign "Acknowledged" That His Health Care Plan "Would Have The Effect Of Increasing Tax Payments For Some Workers." "Though Senator John McCain has promised to not raise taxes, his campaign acknowledged Wednesday that the health plan he outlined this week would have the effect of increasing tax payments for some workers, primarily those with high incomes and expensive health plans. The campaign cannot yet project how many taxpayers might see their taxes go up, said Douglas Holtz-Eakin, Mr. McCain's top domestic policy adviser. But Mr. Holtz-Eakin said in an interview that for some, Mr. McCain's health care tax credits would not be large enough to compensate for his proposal to eliminate the tax breaks afforded to workers with employer-provided health benefits. To end the disadvantage to those who do not buy insurance through employers, Mr. McCain proposes to eliminate the exclusion of health benefits from taxable income. In exchange, he would provide refundable tax credits of $2,500 to single people and of $5,000 to families, with the goal of stoking competition in the individual insurance market. The elimination of the exclusion would generate $3.6 trillion over 10 years, according to the McCain campaign, and that money would pay for the tax credits." [New York Times, 5/1/08] ###

[IAMX 3,055]

On a positive note, this further demonstrates that Obama is not as hard left as some Right Wingers claim.

Quite true. And I'd say not as left as any right-winger claimed.