Palin Sounds Deceptive Alarm On Taxes, Tweaks Energy Claim Following Fact Check
(CBS)
(VIENNA, OHIO) - Sarah Palin unleashed a torrent of criticism against Barack Obama's tax plan at an airport hanger rally with John McCain, saying it would "make even today's bad economy look like the good old days."
"He wants to raise income taxes and he wants to raise payroll taxes and raise investment income taxes and raise the death tax and raise business taxes," Palin said. "That's his plan. He actually proposes to raise taxes in this hurting economy."
But Palin's warning on income and investment taxes only applies to those who make more than $250,000 a year. Obama's plan calls for a hike in investment taxes and an elimination of the Bush income tax cuts only for such families.
Obama would give workers making under $150,000 credits of $500 and up to $1,000 per family.
Palin devoted a significant portion of her Ohio speech to the economy and tried to break down the financial crisis on Wall Street to make it seem relevant to everyday Americans.
"Also, two out of every three Americans have a stake in the market and that is through pensions and 401ks and IRAs and the like," she said. "Families across America have a right to expect that their interests and their investments will be protected. Instead what's going on now—huge investment banks are going under because of their own bad practices and then they are asking the public to bail them out."
She said that McCain was a "proven reformer" who would clean up Wall Street.
Palin also spoke extensively on energy policy, which she said would be one of the issues on which she would focus as vice president. She touted her record in Alaska but chose her words more carefully than she has in the past.
"As governor my job has been to oversee such a great portion of the oil development, the production levels in our domestic supply in the U.S. I had to take on the big oil company interests."
Palin had previously said that she oversaw nearly 20 percent of the nation's energy supply, but that claim was untrue. A fact check showed that Alaska only produced 14 percent of the oil from U.S. wells, and the state's total energy production was actually just 3.5 percent of the entire nation's output.
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They are taking the voters for a bunch of fools and suckers.
This is very professional.
Under the Obama Plan:
Middle class families will see their taxes cut %u2013 and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
Obama%u2019s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut %u2013 his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit.
Under the Obama Plan:
Middle class families will see their taxes cut %u2013 and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama plan, and will pay tax rates that are 20% lower than they faced under President Reagan. According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle class families as the McCain plan.
Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s. In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
Obama%u2019s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan (less than 18.2 percent of GDP). The Obama tax plan is a net tax cut %u2013 his tax relief for middle class families is larger than the revenue raised by his tax changes for families over $250,000. Coupled with his commitment to cut unnecessary spending, Obama will pay for this tax relief while bringing down the budget deficit.
Obama%u2019s Comprehensive Tax Policy Plan for America will:
Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant.
to be continued...
Obama%u2019s Comprehensive Tax Policy Plan for America will:
Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.
Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.
Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant.
to be continued...