WHO?: Taxes for '95%'

Discussion in 'US Taxes' started by Michel, Sep 23, 2008.

  1. Michel

    Michel Guest

    www.newsbusters.org

    2. ABC: McCain Would Help 'Wealthiest,' Obama to Cut Taxes for '95%'
    ABC reporter David Wright on Tuesday night, forced to summarize the
    tax plans of John McCain and Barack Obama in 30 seconds, described
    them through a distorted liberal prism. Though McCain wishes to
    continue all the income tax rates from the Bush tax cuts, with no hike
    or decrease for any income level, Wright asserted: "He'd make
    permanent the Bush tax cuts for the wealthiest Americans." No, for all
    Americans. Obama, Wright proceeded to report, "would raise taxes on
    the wealthy, people who make more than $250,000 a year, but cut them
    for most households." The text on screen, however, stated an
    impossibility: "Cut taxes on most households (95%)." That 95 percent
    is impossible since one-third of those who file with the IRS are "non-
    payers," people who end up paying no tax or get money back which
    exceeds their payments. Obama plans to expand the Earned Income Tax
    Credit (EITC) and create other credits. For those for whom the credits
    surpass their tax obligation, those are not tax cuts, but spending
    hikes or federal giveaways akin to welfare.

    3. To McCain, CNN's Chetry Forwards Canard Obama Cuts Taxes for 90%
    CNN pressed Senators John McCain and Joe Biden about their campaigns'
    respective tax plans on Tuesday's American Morning during back-to-back
    interviews. Co-host Kiran Chetry questioned McCain from the left,
    citing the supposedly "non-partisan" Tax Policy Center that is
    actually run by two liberal organizations, the Brookings Institution
    and the Urban Institute, while her colleague John Roberts asked Biden
    about the "income redistribution" that is part of the Obama/Biden
    campaign's tax proposal. Chetry counted a McCain point by claiming
    "most of our independent economists say that Barack Obama is actually
    cutting taxes for about 90 percent of Americans," which is not
    possible since one-third pay no income tax.

    ABC: McCain Would Help 'Wealthiest,'
    Obama to Cut Taxes for '95%'

    ABC reporter David Wright on Tuesday night, forced to summarize
    the tax plans of John McCain and Barack Obama in 30 seconds, described
    them through a distorted liberal prism. Though McCain wishes to
    continue all the income tax rates from the Bush tax cuts, with no hike
    or decrease for any income level, Wright asserted: "He'd make
    permanent the Bush tax cuts for the wealthiest Americans." No, for all
    Americans.

    Obama, Wright proceeded to report, "would raise taxes on the
    wealthy, people who make more than $250,000 a year, but cut them for
    most households." The text on screen, however, stated an
    impossibility: "Cut taxes on most households (95%)." That 95 percent
    is impossible since one-third of those who file with the IRS are "non-
    payers," people who end up paying no tax or get money back which
    exceeds their payments. Obama plans to expand the Earned Income Tax
    Credit (EITC) and create other credits. For those for whom the credits
    surpass their tax obligation, those are not tax cuts, but spending
    hikes or federal giveaways akin to welfare.

    A June report from the Tax Foundation listed 32.58 percent of IRS
    income tax returns for 2005 as "non-paying." See: www.taxfoundation.org

    In addition, Obama's plan calls for raising the 33 and 36 percent
    tax brackets. In 2008, those with an income as low as $100,150, not
    $250,000, paid at the 33 percent rate. See this Tax Foundation report
    from January. Tax Foundation report: www.taxfoundation.org

    [This item, by the MRC's Brent Baker, was posted Tuesday night on
    the MRC's blog, NewsBusters.org: newsbusters.org ]

    Wright's September 16 story on how the two candidates approach
    the economy was the premiere of a new World News series: "What's the
    Difference"? Where Wright summarized their tax plans:

    "Perhaps the sharpest difference between the two is on the taxes
    people pay. McCain believes cutting taxes across the board would
    promote economic growth. He'd make permanent the Bush tax cuts for the
    wealthiest Americans, cut corporate taxes and double the personal
    exception for dependents.
    "Obama would raise taxes on the wealthy, people who make more
    than $250,000 a year, but cut them for most households. He's give
    middle class families a thousand-dollar tax credit and cut tax taxes
    completely for seniors on fixed incomes."

    This is not the first time ABC has exaggerated how many would
    benefit from Obama's tax plan. The September 15 CyberAlert item,
    "Gibson Advanced to Palin What Hume Calls an Obama 'Dishonesty,'"
    recounted:

    Speaking of "dishonesty" in McCain's TV ads, on Fox News Sunday Brit
    Hume pointed out Barack "Obama goes around claiming he's going to cut
    the taxes of 95 percent of the public, which is literally impossible"
    since "40 percent of American taxpayers don't pay any income tax," but
    that hasn't stopped ABC (directly) and CBS (implicitly) in recent days
    from advancing that Obama claim as fact. Charles Gibson, in his third
    interview session with Sarah Palin excerpted on Friday's 20/20 and
    Nightline, stated that Obama will extend the "Bush tax cuts on
    everything but people who own or earn more than $250,000 a year --
    cuts taxes on over 91 percent of the country."

    For the full previous CyberAlert article: www.mediaresearch.org

    CNN forwarded the same faulty exaggeration Tuesday morning as
    Kiran Chetry insisted to John McCain: "Most of our independent
    economists say that Barack Obama is actually cutting taxes for about
    90 percent of Americans." (See CyberAlert item #3 below)

    Excerpts from a Tax Foundation summary of the McCain and Obama
    tax plans:

    McCain:

    - Continue the lower rates enacted in the 2001-03 tax cuts.

    - Increase the dependent exemption each year until it reaches $7,000
    in 2016 (the 2016 level would be twice the level in 2009)

    - Phase out the AMT.

    - Maintain the 15% rate on capital gains and dividends.

    Obama:

    - Maintain the current 10, 15, 25, and 28 percent rates from the
    2001-03 tax cuts, but allow the top two rates to expire (the 33
    percent rate would rise to 36 percent; the 35 percent would rise to
    39.6 percent). Eliminate all income taxation of seniors making less
    than $50,000 per year.

    - Create a new "Making Work Pay" refundable income tax credit of up to
    $500 per person or $1,000 per family. It would offset the payroll tax
    on the first $8,100 of earnings.

    - Create a 10 percent mortgage credit worth up to $800.

    - Give full-time workers making minimum wage an Earned Income Tax
    Credit benefit up to $555. If the workers are "responsibly supporting
    their children on child support," give those workers a benefit of
    $1,110.

    - Extend AMT patch.

    - Raise capital gains and dividends rates to somewhere between 20% and
    28%, keeping them equal.

    PDF of the Tax Foundation's summary: taxfoundation.org






    To McCain, CNN's Chetry Forwards Canard
    Obama Cuts Taxes for 90%

    CNN pressed Senators John McCain and Joe Biden about their
    campaigns' respective tax plans on Tuesday's American Morning during
    back-to-back interviews. Co-host Kiran Chetry questioned McCain from
    the left, citing the supposedly "non-partisan" Tax Policy Center that
    is actually run by two liberal organizations, the Brookings
    Institution and the Urban Institute, while her colleague John Roberts
    asked Biden about the "income redistribution" that is part of the
    Obama/Biden campaign's tax proposal. Chetry counted a McCain point by
    claiming "most of our independent economists say that Barack Obama is
    actually cutting taxes for about 90 percent of Americans," which is
    not possible since one-third pay no income tax.

    [This item, by Matthew Balan, was posted Tuesday afternoon on the
    MRC's blog, NewsBusters.org: newsbusters.org ]

    For more on how the mainstream media loves citing the "non-
    partisan" Tax Policy Center, see the July 15, 2008 Worst of the Week
    item by MRC's Rich Noyes, "Obama's Liberal Buddies = 'Non-Partisan'
    Experts?" at: www.mrc.org

    Chetry interviewed McCain first, and asked the Arizona Senator to
    explain what he meant by saying that "the fundamentals of the economy
    are strong" and about regulation of businesses. She then brought up
    the issue of taxes: "I want to ask you about this, though, when it
    comes to tax policy -- the non-partisan Tax Policy Center calculated
    the middle class would actually save significantly more under Barack
    Obama's tax plan than yours. How will your tax cuts, as it breaks down
    on income level, benefit the working class and the middle class?"

    McCain didn't submit to the premise of the question, and answered
    that Obama actually wants to raise taxes and that he "has plans for
    increasing government spending dramatically." The CNN co-host then
    followed-up by citing that "most of our independent economists say
    that Barack Obama is actually cutting taxes for about 90 percent of
    Americans. Do you agree with that?"

    Obama plans to cut the taxes for about 90 percent of Americans?
    That figure sounds remarkably similar to the 95 percent figure Fox
    News Channel host Brit Hume shot down on Sunday's Fox News Sunday
    program: "Obama goes around claiming he's going to cut the taxes of 95
    percent of the public, which is literally impossible" since "40
    percent of American taxpayers don't pay any income tax."

    For more on Hume shooting down Obama's tax claim, see the
    September 15 CyberAlert item, "Gibson Advanced to Palin What Hume
    Calls an Obama 'Dishonesty'" at: www.mrc.org

    And for more on the same topic, check #2 above.

    During his interview of Biden, Roberts, after asking the Delaware
    Senator what he would to in response to the current financial trouble,
    asked about his campaign's proposed tax hikes on those who make more
    than $250,000. Biden first denied that this was the case, but when
    Roberts brought up the figure again, and Biden corrected himself.

    The CNN co-host then pressed Biden on the timing of such a raise:
    "With the economy the way it is right now, is this anytime to be
    raising taxes on anyone?" Biden answered, "We are transferring the tax
    cut. We're raising the tax on them by letting this tax expire and
    flipping that tax and giving it to the people who need it." Roberts
    shot back, "Right, and some people would say that's income
    redistribution." The Senator replied: "Well, I don't care what you
    call it -- the middle class is dying. John talks about the strength of
    the American worker. The American worker's been left out in the
    cold."
     
    Michel, Sep 23, 2008
    #1
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.