Obama Camp Response to McCain's Tax Remarks

Tonight, at his Town Hall in New York, Senator McCain again falsely claimed that Senator Obama would broadly raise taxes.  Please find the facts below

McCain: Obama will raise taxes

The Facts:

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 <http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20080611/NEWSBLOG/244217910> ]

Tax Policy Center Finds That 23 Percent Of McCain's Tax Cut Goes To The Wealthiest Americans Making More Than $2.8 Million a Year. “Once fully implemented, the report finds 23 percent of McCain's tax cut goes to the wealthiest Americans making more than $2.8 million a year. McCain's plan give this group an average tax cut of $270,000, the report said. By contrast, Obama would raise taxes for these wealthy families by an average $700,000 a year according to the report.” [Nashua Telegraph, 6/12/08 <http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20080611/NEWSBLOG/244217910> ]

McCain Would “Steer The Bulk Of The Benefits To The Wealthiest Families” And “Biggest Benefit Would Flow To Those In The Top 0.1% -- Those With Incomes Above $2.8 Million … Obama Skews His Tax Cuts Toward The Lower-And Middle-End Of The Income Scale.” “Both John McCain and Barack Obama promise to cut taxes for the majority of Americans. But an Obama administration would redistribute income toward lower- and middle-class households, while a McCain White House would steer the bulk of the benefits to the wealthiest families, according to a nonpartisan analysis of the still-evolving tax plans of the presidential candidates. … Under Sen. McCain, those in the middle -- making between $66,354 and $111,645 -- would see their after-tax income increase by 0.7%. The biggest benefit would flow to those in the top 0.1% -- those with incomes above $2.8 million -- who would see their after-tax income increase by 4.4%. Sen. Obama skews his tax cuts toward the lower- and middle-end of the income scale. Those in the middle would see their after-tax income increase by 2.4%, or $1,042. Americans with incomes above $2.8 million would see their after-tax income decrease by 11.5%.” [WSJ, 6/12/08]