Obama’s Tax Cuts Would Go to the Middle-Class, McCain’s Would Go to the Wealthy, and Neither Proposes to Increase Federal Revenue

Source: Citizens for Tax Justice, September 12, 2008

A new fact sheet from Citizens for Tax Justice clarifies some of the myths about presidential candidate Barack Obama’s tax plan that have been perpetuated by the campaign of his opponent, John McCain. President Bush and his allies in Congress enacted tax cuts that are scheduled to expire after 2010. Obama would repeal the Bush tax cuts for the richest 2 or 3 percent, which means that for years after 2010 there would simply be no change in the law for these taxpayers. For everyone else, Senator Obama would change the law to make the Bush tax cuts permanent, and he also proposes many additional tax cuts for the middle-class. Even the richest taxpayers would enjoy some tax cuts under Obama’s plan after 2010 that they would not receive under current law (a partial extension of the cut in the estate tax and a partial extension of the loophole for dividends).

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