I don't know about you, but I have several very right-wing relatives. Mention Obama to them and — when they're not raging about how he's a Muslim terrorist in disguise — they will usually say something like, "He's going to tax tax tax us all!" McCain has drilled that message home as a campaign point. And since I was a communications major, not an economics one, I don't always have the ammunition to counter.
Today I do.
And it's from the highly centralist and respected Business Week, which is not one of the websites I typically hit in my ritual morning perusal of the world wide web. But since it's election season, I read (and must say, enjoyed) this article in today's Business Week, comparing the McCain and Obama tax plans.
Guess whose plan Business Week favors? Obama's.
Here are some great excerpts from the article to help fuel your next dinnertime political debate with those right-wing relations.
According to a new analysis by the nonpartisan Tax Policy Center, a joint venture between the Urban Institute and the Brookings Institution, two Washington think tanks, this round goes to Obama. The TPC took a look at the various tax proposals put forth by the two candidates and estimated that Obama's plan would lead to a boost in aftertax income for all but the highest earners, while taking a smaller bite out of government tax revenues than would McCain's plans.
This zinger would also follow "please pass the mashed potatoes" nicely:
"It's just flat wrong" to say people would do worse under Obama, says Burman. "Most lower- and middle-class people would pay less taxes under Obama than they would under the proposals being put forth by McCain."
But wait! There's more! Here's more about how Obama will lower taxes while increasing incoming revenue to the government:
Obama still comes out well ahead. Indeed, when compared with current tax policy, his proposals would actually increase revenues coming into government coffers. Although he has promised tax cuts to many middle- and working-class families, along with the elderly, the TPC concludes that those cuts would be offset by his plans to increase taxes on high-income families and to close corporate tax loopholes. Together, those moves would bring an estimated additional $734 billion to the Treasury over 10 years, according to the Tax Policy Center study.
And it's McCain with the tax FAIL:
McCain's proposed tax changes would still leave the Treasury coming up short. According to the study, McCain's combined proposals would slash tax revenues by an estimated $253 billion over the 10-year period compared with what would come in under current tax policy.
Even your conservative Uncle can't argue with Business Week, right?