McCAIN TAX STRUCTURE

McCain told a radio audience the Obama tax plan "would convert the IRS into a giant welfare agency, redistributing massive amounts of wealth at the direction of politicians in Washington."

McCain will increase the dependent’s exemption from $3,500 to $7,000. That would cut taxes for middle class families in the 25% income tax bracket by $875 per child. McCain also proposes a tax credit of $5,000 per family and $2,500 per single worker for purchasing health insurance.

This is a huge tax cut for the middle class, $1.3 trillion over 10 years. McCain will abolish the Alternative Minimum Tax (AMT) that will save middle class families a pending tax increase of $2,700 on average per year, another middle class tax cut of $60 billion each year from current law.

McCain’s tax plan includes pro-growth tax cuts that provide exactly what the economy needs right now. McCain will make the Bush tax cuts permanent and reduce taxes on savings and investments through expensing of capital investment.

These pro-growth tax cuts will do far more for the middle class and working people than a $500 per worker and non-worker welfare check. The tax cuts will reverse the current economic downturn, restore economic growth, create jobs, and revive income and wage growth.

The tax cuts will “spread the wealth around” by creating prosperity for the American worker and the middle class, by NOT stealing from those who have already worked for and produced their own wealth and give to non-workers.

The top 1% of income earners pay 40% of all federal income taxes, almost twice their share of national income. The top 20% pay 86%. Clearly, federal income taxes are now paid primarily by these upper income taxpayers.

The tax cut for 95% of people Obama speaks about who will receive $500 annually from taxpayers money is Obama bogus, doubletalk! FOURTY (40%) PERCENT of these people do NOT work! A non-worker "welfare bonus check."