October 31, 2008

Analyses Favor Obama Tax Plan

Sen. Barack Obama's tax plan would mean a better break for those making less than $100,000 than Sen. John McCain's proposal, independent analyses indicate.

Further, the report says, Obama's presidential proposal would not raise taxes for those households making less than $250,000 a year, The New York Times said Friday.

McCain, the Republican presidential nominee, would cut taxes by about the same ratio as Obama, the Democratic candidate, for those making $100,000 to $250,000 a year, the analyses said. But, those making $250,000 and above would pay less in taxes under McCain.

"On the average, people with income below $100,000 would get more from Obama than from McCain," Robertson Williams, principal research associate at the Tax Policy Center, said.

McCain has sought to convince voters Obama wants to increase taxes and spread the wealth like a socialist and to employ policies that would hurt small businesses, the Times said. Obama has fought the accusations in speeches and commercials.

The analyses were conducted independently by the non-partisan Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution, and accounting giant Deloitte.