Subject: [big campaign] The McCain and Obama Tax Returns
From: "Adam Jentleson" <[email-masked]>
To: "big campaign" <[email-masked]>
Date: Fri, 20 Jun 2008 14:58:56 -0400
List-Id: <bigcampaign.googlegroups.com>

Meant to send this around yesterday.  Post below, full report here: 
http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/tax_returns
.pdf

http://thinkprogress.org/wonkroom/2008/06/19/analyzing-the-candidates/

Analyzing The Candidates' Tax Plans Using Two Real Families: The McCains
And The Obamas
<http://thinkprogress.org/wonkroom/2008/06/19/analyzing-the-candidates/>

The Center for American Progress Action Fund released a new report
<http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/tax_return
s1.pdf>  by Michael Ettlinger
<http://www.americanprogress.org/aboutus/staff/EttlingerMichael.html> ,
Vice President for Economic Policy, showing the stark difference between
the tax plans offered by Senators John McCain and Barack Obama using two
real families as examples: the McCains and the Obamas. Based on
information from their 2006 tax returns, Ettlinger shows, line by line,
the tremendous savings offered under the Bush tax cuts. He contrasts
this with the even greater savings under McCain's plan and the
substantial, albeit smaller, savings under Obama's plan. 

How Rich Are They?
Neither the McCains nor Obamas are doing badly. In 2006, the Obamas had
an almost entirely earned income-the bulk coming from Senator Obama's
success as an author. The McCain's financial situation is more cloudy.
Senator and Mrs. McCain filed their returns separately - Mrs. McCain,
the primary source of wealth for the family, did not disclose her entire
tax record, making it more difficult to determine exactly the amount of
their income. In the end, both couples are in the top 1% of all tax
payers, the McCains in the top one tenth of a percent. 

 obama-mccain-bush-tax.JPG
<http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/obama-mcca
in-bush-tax.JPG> The Bush Tax Cut
Taking a quick glance at how the McCains and Obamas fared under the Bush
tax cut, we see that both families recouped a relatively large savings
under Bush's plan in 2006 - the McCains saving 4.87% and the Obamas
saving 3.85% of their annual incomes, the McCains benefiting greatly
from new tax breaks on dividends and capital gains. All in all, the
McCains saved over $313,000 thanks to Bush, and the Obamas saved nearly
$40,000. Had Bush's tax cuts been fully phased in, the savings would
have been even greater for both families.

 obama-mccain-tax-cuts.JPG
<http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/obama-mcca
in-tax-cuts.JPG> McCain And Obama's Tax Plans
Senators McCain and Obama have starkly different tax proposals. McCain
favors making the Bush tax laws permanent, and also plans to repeal the
Alternative Minimum Tax, double the dependent exemption and offer tax
breaks on business income. Senator Obama looks to reverse provisions
benefiting the best-off tax payers (such as himself and Senator McCain),
and retain the parts that reduced taxes for middle and lower income tax
payers-offering an additional tax credit for these wage earners
amounting to $500 per worker. 

Had McCain's tax proposal been in place in 2006, both families would
have done incredibly well-saving even more than they did under the
existing Bush plan. John and Cindy McCain would have walked away with
$373,429 in their pocket, while the Barack and Michelle Obama would have
saved $49,392. 

Under Obama's plan, both families would have saved, but substantially
less. The McCains would have enjoyed an estimated savings of $5,641, due
to the lower tax rates; the Obamas registering a $6,124 savings.

A Forecast For The Future
This examination of the tax returns of these two prominent wealthy
couples, the McCains and the Obamas, shows that both received
substantial tax breaks under president Bush - and those tax breaks will
be continued in a McCain Administration. The McCains' returns
particularly show how tax breaks on capital gains and dividends,
hallmarks of McCain's plan, benefit the wealthy far more than they
possibly can for middle-income families. Such tax breaks, of course,
have a cost in lost public investments for the present and the future -
investments which could benefit everyone, rich, poor, or in the middle.

Read the full report here
<http://thinkprogress.org/wonkroom/wp-content/uploads/2008/06/tax_return
s.pdf> .

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