WASHNGTON, DC – Here are a few things that McCain’s new ad fails to mention.
McCain’s health care plan would raise taxes by $1,119 on a family making $40,000 a year by 2013. A family making $80,000 a year would see their taxes go up by $1,980 by 2013.
McCain’s tax cuts are even more skewed towards the elite than President Bush’s. Nearly half of his tax cuts would go to big corporations and the top 1 percent of taxpayers.
While Americans are paying nearly $4 a gallon for gas, McCain’s plan gives $4 billion in tax breaks to the 5 biggest oil companies in the U.S., including a $1.2 billion break for ExxonMobil.
In sum, McCain’s plan is the one that benefits the elite at the expense of the middle class. But don’t take our word for it – here is what the Tax Policy Center at Brookings has to say:
The two candidates’ plans would have sharply different distributional effects. Senator McCain’s tax cuts would primarily benefit those with very high incomes, almost all of whom would receive large tax cuts that would, on average, raise their after-tax incomes by more than twice the average for all households. Many fewer households at the bottom of the income distribution would get tax cuts and those whose taxes fall would, on average, see their after-tax income rise much less. In marked contrast, Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers. The largest tax cuts, as a share of income, would go to those at the bottom of the income distribution, while taxpayers with the highest income would see their taxes rise.