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Economic News, Data and Analysis

Who’d give more to the middle class?

In the wake of McCain’s latest misleading ad, MSNBC echoes the Tax Policy Center’s analysis:

Who’d give more to the middle class? – First Read – msnbc.com

From NBC’s Domenico Montanaro
McCain claims in an ad released today that “Obama voted to raise taxes on people making just $42,000. He promises more taxes on small business, seniors, your life savings, your family.”
But when it comes to promises, it’s worth pointing out that, according to the non-partisan Tax Policy Center’s analysis of both candidates’ proposed plans, Obama would cut taxes for those making in the range of $38,000 to $66,000 three to almost eight times more than McCain would.
Under Obama’s plan, according to the center, by 2009, those making $37,595 would see an average increase in their income of 3.6%, or a tax cut of $892; those making an average of $66,354 would see an increase in their income of 2.4%, or a tax cut of $1,042.
On the other hand, Under McCain’s plan, those making $37,595 would see an increase in their income of only about 0.5%, or $113 tax cut; those making $66,354 would see only an increase of 0.7% in their income, or a tax break of $319.

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