Remember the tale of Robin Hood, who robbed the rich and gave to the poor? He was a “redistributor of wealth”.
John McCain accuses Barack Obama of being “Robin Hood” because Obama wants to lower taxes for the middle class and raise taxes for the rich back to the pre-Bush tax rate. The poor don’t pay taxes so they won’t be getting any tax relief. Compare the tax return that you will receive under Obama’s plan against the tax return that you will receive from McCain’s plan.
In 2001 and 2003, Sen. John McCain (R-AZ) opposed the Bush tax cuts, arguing that they came “at the expense of lower- and middle-income Americans” and were too costly in a time of war. As a presidential candidate, however, McCain not only embraces the Bush tax cuts but also proposes massive additional tax cuts that are even more tilted against the middle class.
To assess the McCain tax proposals, we begin by defining five key characteristics of the Bush tax cuts: they cost an enormous sum, skew benefits to the wealthy, favor capital over work, protect tax shelters, and increase federal budget deficits. We then assess the McCain proposals against these five benchmarks. Finally, we compare both the Bush and McCain plans with the conservative tax agenda known as “Five Easy Pieces” advanced by Grover Norquist’s Americans for Tax Reform and other conservative tax groups.
Our analysis suggests that the McCain plan shares five key characteristics of Bush policies. First, it is enormously expensive, costing more than $2 trillion over the next decade and essentially doubling the Bush tax cuts. Second, the McCain plan would predominantly benefit the most fortunate taxpayers, offering two new massive tax cuts for corporations and delivering 58 percent of its benefits to the top 1 percent of taxpayers. The Bush tax cuts provide 31 percent of their benefits to the top 1 percent of taxpayers.
Third, the McCain tax plan continues the shift of the tax burden from investment income onto earned income. Fourth, the plan not only fails to address current tax shelter problems in the tax code but in fact will lead to increased sheltering. Fifth, McCain cannot pay for his tax cuts without massive reductions in Social Security, Medicare, or other key programs that benefit the vast majority of Americans.
Cindy McCain will receive an increased tax return (over $60,000.00 more) from her husband’s tax plan while the middle class will continue to receive little or nothing. The McCain tax savings would go from $313,413.00 to $373,429.00.
In a new Center for American Progress Action Fund analysis, Michael Ettlinger documents how much the presidential candidates stand to personally benefit from the McCain and Obama tax proposals. The McCains — who report an annual income of over $6 million — would receive well over $300,000 from John McCain’s tax plan.
For further details about reported income and tax relief of both the McCains and the Obamas, visit the WonkRoom as it provides a more detailed analysis of the candidates tax plans.
WOW – can you say conflict of interest? Read some more about the redistribution of wealth upwards which is exactly what John McCain’s tax plan will do in the “Reverse Robin Hood” at Homeless in LA.
What amazes me is that middle class McCain supporters shout “No” to Barack Obama’s tax plan even though they would benefit the most from Obama’s tax plan. Why would someone from the middle class support paying higher taxes so that the wealthy could receive more tax relief? Isn’t this like cutting off one’s nose to spite one’s face? Isn’t voting for McCain voting against one’s own best interest? The middle class McCain supporters call Obama a “socialist”. If any of the McCain supporters travel over public bridges and public roads, benefit from police and fireman, use the public library and use public water and sewer, then they too, are “socialist”. Let’s not forget to include the recipients of Social Security and Medicare which is another “socialist” idea.
The McCain tax plan would eventually eliminate the middle class. This would foster a return to the feudalistic state where the wealthy own everything and the poor support the wealthy. John McCain’s plan rewards investments and corporations and punishes the worker who will see an increase in taxes because John McCain will tax health benefits for workers.
The choice is clear… I am voting for “Robin Hood”, the “redistributor of wealth”. His name will appear as Barack Obama on the ballot.