Obama said he would pay for his proposed new programs, including mandatory health insurance, by imposing higher taxes on "the wealthy" and raising the tax on Social Security wages. He added, "What we have had right now is a situation where we've cut taxes for people who don't need them."
The Wall Street Journal’s Steve Moore has done the math on Mr. Obama’s tax plan. He says it will add up to a 39.6% personal income tax, a 52.2% combined income and payroll tax, a 28% capital-gains tax, a 39.6% dividends tax, and a 55% estate tax. (must be time to be patriotic huh Biden?)
According to recent Gallup data, "The wealthiest 1 percent of the population earn 19 percent of the income, but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab.
Meanwhile, the bottom 50 percent -- those below the median income level -- now earn 13 percent of the income but pay just 3 percent of the taxes.
The Urban Institute Brookings Institution Tax Policy Center has just published a detailed analysis and comparison of the tax policies of Senators McCain and Obama.
It concludes that compared to current policy, McCain would cut taxes by $628 billion over the next 10 years and that Obama would raise them by $734 billion over the same period.
Indeed.
From
http://www.theobamafile.com/ObamaPolitics.htm