Obama: Specifics on the tax plan
Posted: Friday, August 15, 2008 9:13 AM by Mark Murray
The Obama campaign decided to release the specifics of its tax plan, including the size of the hike in cap gains tax rates and a hike in payroll taxes. "Sen. Obama outlined a plan Thursday to raise tax rates on capital gains and dividend income from 15% to 20% for individuals and families making more than $200,000 and $250,000, respectively. He also detailed a plan to levy payroll taxes on earnings above $250,000 at a rate between 2% and 4%, though that increase wouldn't occur for at least a decade. Right now, payroll taxes, used to fund retirement benefits, are levied on income up to $102,000.”
“Jason Furman, Sen. Obama's economic-policy director, said the plan would cut taxes to less than 18.2% of gross domestic product. ‘That's lower than the level of taxes when Ronald Reagan was president,’ he said. The proposed rates are below the levels many had expected, given Sen. Obama's campaign rhetoric. Nonetheless, critics said the plan would exacerbate an economic downturn and harm workers."
Obama's campaign announced that he has surpassed the two million-donor mark. By the way, we'll get July fundraising numbers next week.
"Obama has collected $335,536 from 859 enlisted men and women, according to the Center for Responsive Politics. McCain -- a decorated former Vietnam POW -- has received $280,513 from 558 military personnel. And the gap is especially pronounced among members of the military stationed abroad, including in Iraq. Obama got $60,642 from 134 troops there, compared to McCain's $10,665 from 26 troops -- a 6-to-1 edge."
The RNC is fired up about photos of Obama body surfing in Hawaii. But John Kerry this ain't. He simply looks like someone swimming in the ocean.
The New York Daily News' Goodwin believes Obama's decision to allow Clinton a roll call vote was an instance of Clinton rolling over Obama. "Obama blinked and stands guilty of appeasing Clinton by agreeing to a roll call vote for her nomination. That he might not have had much choice if he wanted peace only proves the point that he's playing defense at his own convention. What does he get out of it? Not much and not for long.”
“The fleeting sense that he is a magnanimous nominee won't get him a single vote he wouldn't get anyway. Ditto for the idea that he's going the extra mile to unify the party. Those who refuse to accept him as the legitimate winner aren't likely to do so just because he caves into her demands."
On tire inflation flap, FactCheck.org issues "a split decision." "We find that proper tire inflation could save more than a billion gallons of fuel per year and do it several years sooner than expanded drilling could produce a single drop. McCain has exaggerated by representing Obama's suggestion as a silly notion or implying that it constitutes his entire energy policy. But we also figure that expanded offshore drilling is projected to produce far more oil eventually than can be saved by proper tire inflation -- nearly three times as much even by the conservative estimate of government experts, and more than 10 times as much if an industry-endorsed estimate is correct."
Politifact sided with Obama, noting that tire inflation could actually be twice as more effective and likely the best short-term action of any plans, certainly more so than off shore drilling, which wouldn't see benefits for years.
