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Obama Tax Plan and Joe the Plumber
Posted By Conn Carroll On October 15, 2008 @ 1:53 pm In Economics | Comments Disabled
The Heritage Foundation’s Center for Data Analysis  has just released a study  of Barack Obama and John McCain’s tax plans. Using tax models and tax information from other sources as inputs into Global Insight’s U.S. Macroeconomic Model, the study estimates the side-by-side economic effects of the two plans.
The study concludes: “Each presidential candidate achieves his stated goal,with Senator McCain generating the most new jobs, growth, and additional income for individuals. Senator Obama’s plan drives up the tax rate for individuals with annual incomes above $250,000 and redistributes money to workers with lower incomes.”
Don’t believe us? Just ask Barack Obama. The New York Post  reports:
The fracas over Obama’s tax plan broke out Sunday outside Toledo when Joe Wurzelbacher approached the candidate.
Wurzelbacher said he planned to become the owner of a small plumbing business that will take in more than the $250,000 amount at which Obama plans to begin raising tax rates.
“Your new tax plan is going to tax me more, isn’t it?” the blue-collar worker asked.
“It’s not that I want to punish your success,” Obama told him. “I want to make sure that everybody who is behind you, that they’ve got a chance for success, too.
Then, Obama explained his trickle-up theory of economics.
“My attitude is that if the economy’s good for folks from the bottom up, it’s gonna be good for everybody. I think when you spread the wealth around, it’s good for everybody.”
Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2008/10/15/obama-tax-plan-robs-from-joe-to-give-to-everybody/
URLs in this post:
 Center for Data Analysis: http://www.heritage.org/cda/index.cfm
 study: http://www.heritage.org/Research/Taxes/cda08-09.cfm
 The New York Post: http://www.nypost.com/seven/10152008/news/politics/obama_fires_a_robin_hood_warning_shot_133685.htm
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