Obama: McCain worse than Bush on taxes

In recent days, Democratic presidential candidate Barack Obama has compared George W. Bush and Republican John McCain to the Lone Ranger and Tonto, or to Batman and Robin.

But today, Obama said that comparing McCain to Bush wasn't really fair to Bush. In a rain-drenched speech in Chester, Pa., Obama said that McCain would be worse for the economy than Bush.

John McCain has ridden shotgun as George Bush has driven our economy toward a cliff, and now he wants to take the wheel and step on the gas. When it comes to the issue of taxes, saying that John McCain is running for a third Bush term isn’t being fair to George Bush.

Obama said McCain is proposing $300 billion in tax cuts for the wealthy and corporations, and $700,000 in tax cuts for the average Fortune 500 CEO, while providing no tax relief for 100 million middle-class families. “That’s not something even George Bush proposed,” he said. He added:

The fact is, there's only one candidate with a plan that could eventually raise taxes on millions of middle-class families, and it isn't me. It's my opponent, who'd make you pay taxes on your healthcare benefits for the first time ever.

The weather that halted Game 5 of the World Series Monday night continued to bear down on the region, so supporters were buffeted with pouring rain, whipping winds and near-freezing conditions. But Obama told the cheering crowd that "this is an unbelievable crowd for this kind of weather, thank you so much. I just want all of you to know, if we see this kind of dedication on election day, there is no way were not going to bring change to America.”

-- Seema Mehta (in Chester, Pa.) and Johanna Neuman (in Washington)

Photo credit: Alex Brandon / Associated Press

Comments

[jabber_wolf]

You're kidding L.A Times right?

Who cares what either politician says. Facts and tax schedules tell the truth.
Obama, not Mccain, raises taxes on most - INCLUDING THE MIDDLE CLASS.

Obama will NOT be lowering taxes for middle America, only salary taxes. Obama plans to tax ALL investments, retirement funds, mutual funds, ... basically all investments that are helping America grow. Obama will wreck the USA stock market, send jobs elsewhere, and investors fleeing for European and Asian markets.

I'm so fed up with retarded liberal papers that REFUSE to include Obama's plan to allow the doubling of taxes on Capital Gains.
LA TIMES - DO IT, TRY IT, TRY THE TRUTH FOR ONCE!!

For Pete's sake, since when has major media decided to be deceptive liars. We have politicians for that, we dont need you too!

[mark]

Gotta agree. McCain hasn't told the truth about much since this thing started. Palin got on there and started lying the next day. McCain has been flip flopping like a fish on a dock from the beginning. Tactics and cheap tricks (look at me. I'm going to Washington to stand around and be ignored. I'm a leader!) That's all McCain has offered. No solid plans. Just name calling and idea stealing. Obama says chnage. Two weeks later McCain says change. Obama says tax break, two weeks later McCain says tax break.Obama says cut spending, yup, you guessed it. Two weeks later McCain say spending cuts. Always to the richest.

As far as McCains taxing policies? He's in favor of increasing the 18 Billion in subsidies to the oil companies. Last time I looked, they weren't doing too bad. Seems like we could have used that money for a few other projects like, hmmm, education? McCain is in favor of privatizing Social Security. He supported Bush on that one too. You can just see how well that would have worked out this last couple months. Granma would be eating cat food. Bush and McCain are the same. McCain just wants to accelerate the process until only a very few have all the money and the rest of us are slaves.

[Simon]

The Congress will be solidly Democrat in 2009 so the tax bills will come from them, not Obama or McCain. At least with a President McCain you would have someone who will not give Barney Frank and Nancy Pelosi a blank welfare check that will not fix the economy. A Dem super-majority and an Obama Admin will fix all our problems so we look like France. Yippee!

[Dan T]

How skillfully the republicans can get common everyday folks to support tax breaks for ONLY the ultra wealthy. These folks even think that by NOT supporting tax breaks for the ultra wealthy, this is consider raising taxes on their meager income. Wow, this is amazing. If common every day folks want a tax break, they will need to vote for Obama, not McCain. Wake up everybody.

[lisa]

So you don't listen to what LA Times says, but you will listen to what neocons say about Obama's non-existent plans to raise taxes for the middle class? Lol, funny. Yes. Republicans are suprisingly stealthy at fooling people into thinking that they are good for the middle-class, when they don't actually give a damn about them, and they only offer tax-cuts for the wealthy. People are idiots if they fall for it again.

[Larry linn]

You Neo-Cons are just whiners. Bush has been the president for almost eight years, and the Neo-Cons Republicans have controlled Congress for six of those years as well as the last two years of the Clinton Administration. How many Presidential vetoes by Bush has Congress overridden? Four! All of those vetoes required support by some Republicans in both the House and the Senate. Bush and his ilk, have followed the economic policies of the Fascists. Mussolini defined his economic stance by saying that his Fascist government "will give full freedom to private enterprise and will abandon all intervention in private economy." Bush and the Republicans followed this philosophy, and now our country is on the verge of bankruptcy.

[kc]

Don't forget that Obama will let the Bush Tax cuts lapse. That means that ALL tax payers even those 100 Million making less than 250K will have their taxes increased. But according to the Democrats that's not a tax increase.

[John]

How is increasing the capital gains tax from 15% to 20% doubling it?

[Jay]

Seems a fools game to focus on cutting taxes or even expect it when our government can't even balance the budget with the current tax cuts in place. Haven't we cut taxes for the past 8 years? And that didn't work. The focus should be on doing more with what we have. We are terribly inefficient. Perhaps if we stop running around shouting about cutting taxes and taking things away here and there, and focus on the goals of better education, healthcare, better working conditions, better productivity in all ways, we'd be better off, all of us. Poverty and waste are a detriment to rich people too.

[Eddie G]

I pray the country does not give the republican party another chance for change, that is all we will have no cash just nickles and broken polices.

[Jay]

"A Dem super-majority and an Obama Admin will fix all our problems so we look like France. Yippee!"

...and you apparently know something about France we don't. They have a great deal more experience governing than we do and do many more domestic functions better than we do. They had the wits and knowledge to keep their noses out of the Iraq war. That's not all they have been right about. Perhaps that's why you don't like them? Their economy is, however, functioning more and more like ours than vice-versa.

[Donkey O.T.]

jabber_wolf, most analysis I've seen done on the tax policies of Obama and McCain show that Obama's tax cuts are greater than McCain's by 3 to 1 if you're in the $66K-$112K pay range, which most people I know are. Yes, Obama would increase the capital gains tax. I believe he proposed to increase it by 5%. If you'd like to cite an analysis of what effect that will have on the economy I'd love to read it, but why would anyone accept your rantings without some sort of backup? Isn't that deceptive too?

Here is the website that I read regarding tax policy:
http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm

[Stan]

I have already voted for Obama.

Republicans have no argument. The failed policies of George W Bush are all to clear.

McCain will only continue the same policies. It hasn't worked in the last 8 years. So what will make it work now?

Its time to kick the republicans out. Let them think about what they have done.

[philtro]

Excuse me conservatives, but how in the heckl do you expect to live in an industrialized society and not pay taxes? Our biggest problem is where those taxes are going, and it hasn't been good for the last 28 years*. Do we all remember that the we spend more on our military than every other nation on earth combined? A disproportionate amount of our tax dollars are funneled into government contracts involving the military complex, an amount which has skyrocketed over the last 8 years (not just from the wars, but from the 'privatizing' of the wars).

There's no need to recap all the other pro corporate things that have gone on for the last few decades, we're seeing the effects of it now with a crumbling infrastructure and people who can barely get by with even two jobs.

*Clinton did not do much to stray from the neocon economic agenda, while doing some 'liberal' things socially, he was very conservative economically. He even retained Greenspan (hence allowing republican spearheaded things to pass like NAFTA and the repeal of Glass-Stegel by Mccain's own Phil Graham)

[Thoren58]

Hey, I just read the second comment other than my own that drew comparisons between the Republican campaign and fascism. Beligerant nationalism is fascism. Sarah Palin is a neo-fascist

[achillois]

Let's not mince words. Palin is a fascist.

[Somewhere in AZ]

As a small business owner... If my taxes get raised any higher, which Obama wants to do... I could end up going out of business with the market the way it is. Lots of families will lose jobs! Not the smartest game plan for a struggling economy.

[james hines]

mr.obama
My names james hines from paragould and i was wanting to know if u could give me some info on the election cause u really never know if the news is telling the truth and i need some for a school project ( im in the 8th grade) so if it wont be to much trouble email me and let me know thanks
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james hines

[jb]

I am thrilled with the prospect of an Obama victory - but if this happens, we have some major housecleaning of our own party to do. We hire our officials to ensure that banks do not recklessly wipe out our economy and they failed - Dodd, Boxer, Feinstein should all go. Pelosi? outta here. Our politicians no longer deserve our trust - we need to verify their actions and hold them accountable.

[Simpson]

"I just want all of you to know, if we see this kind of dedication on election day, there is no way *were* not going to bring change to America.”
-- Seema Mehta (in Chester, Pa.) and Johanna Neuman (in Washington)

Seema Mehta and Johanna Neuman or either one of them, who failed to proofread their post, sounds like they're writing up a comment on Youtube.
They even failed to quote Obama properly.

"...there is no way *were* not..."
There proper words in this context, is *we are*.
Or atleast use *we're*.

[Simpson]

"I just want all of you to know, if we see this kind of dedication on election day, there is no way *were* not going to bring change to America.”
-- Seema Mehta (in Chester, Pa.) and Johanna Neuman (in Washington)

Seema Mehta and Johanna Neuman or either one of them, who failed to proofread their post, sounds like they're writing up a comment on Youtube.
They even failed to quote Obama properly.

"...there is no way *were* not..."
There proper words in this context, is *we are*.
Or atleast use *we're*.

[independent]

So, one definition of fascism is that business runs government. Doesn't sound too different than what we have now...

Also, it is a civic responsibility to pay taxes. Sorry all you spend and tax cut republicans. You want to continue the war, need taxes. Want roads, need taxes. Want public schools, need taxes. Want police, need taxes. Want subsidized business, need taxes. Want weather forecasting, environmental protection, resource management, need taxes. The list goes on.

I'm sorry, but unless you are living totally off the grid, and need no assistance of any kind, you have no right to talk about cutting taxes and redistributing wealth. Was not the bank buyout the largest redistribution of wealth in American history? But because all your retirement was locked up there, you are willing to compromise on your principles, but then wag your finger at someone else who gets a fraction of that to get their feet back on the ground.

Corporate welfare is orders of magnitude greater than any social program in this country.

It takes money to provide all these services, and they are needed, so deal with it. It has not been on the democrat's watch that earmarks have increased by a ridiculous amount, that is republican deficient spending.

The same people that yammer on about terrorists and security, want to cut taxes. It is not reality. If you are in the middle or upper middle class, you likely got there because of the services provided to you and your family. This is not the old west where you homesteaded, raised cattle and froze to death if you couldn't make it. We live in an intertwined society, that requires taxes to support the infrastructure you have all benefited from.

Really want to lower your personal taxes, get corporations to start paying their share.

[Tiggy]

Politics as usual, he said she said...blablabla.The bottom line is both tried to silence a fundamental constitutional right of freedom of speech and freedom of the press. Both camps act like children when they get asked a question they don't like. Should we expect a different reaction when the brass ring has been obtained? Neither camp has offered to cut congressional pay or benefits to help with the economic mess that both helped create! Neither camp has committed to cutting foreign aide when we simply don't have the funds available to give. There has only been a mention by Obama to encourage companies to bring jobs back to this country. McCain now wants to help keep people in their homes after how many have already been put out? Both are a joke.

[Alex P]

Posted by: Somewhere in AZ Wrote::
))
As a small business owner... If my taxes get raised any higher, which Obama wants to do... I could end up going out of business with the market the way it is. Lots of families will lose jobs! Not the smartest game plan for a struggling economy.
))

My understanding is that the increase in tax only occurs on the profit after 250k so for example on 300k the first 250 would be at the present tax rate and the next 50k at the higer rate increase by 3%.

This amount of money is negligible my biggest cost of employees after their salaries is the payroll taxes I pay ( medicade Social security , workers comp, and unemployment tax.)

In all there is a lot of scaremongering around. to get a 250k profit requires a typical turnover over 2million a year depending on your business.

The idea that people would be laid off because of the increase is ludicrous.

[Don_in_CT]

Remember the oft-used neocon label "tax and spend liberals"? You don't hear them using the old label anymore. Wanna know why? Because they know a tax and spend liberal is more fiscally responsible (eg: pay as you go) than a "borrow and spend fascist." Call them corporatists, call them fascists, call them neocons, call them anything you want. All they really are is greedy, self-aggrandizing, power hungry, control freak, voracious little piggies. The last thing in the world they are EVER good at is governing because to them government serves only to divert capital assets from the middle class to the wealthy class. Other than that, it's such a bother with all those other annoying responsibilities, like providing disaster relief to hurricane victims, Social Security checks to the elderly and other dumb stuff like that. Are there no prisons? Are there no poor houses? Ooops, excuse me, need to go freshen up my $150,000 wardrobe.