August 8, 2008 10:06 AM http://www.huffingtonpost.com
McCain's newest ad is a blatent lie. I found it interesting considering that his memo to paint Barack as a "job killer" was leaked. Common sense ought to tell you that if you've been found out, you don't use the same tactic, and another thing, why is he still using that "celebrity" footage (Berlin speech)? It is a tired theme. Moving on... there are a few things that need to be set straight here and I will address each one.
Lie #1: Barack voted to raise taxes on people making 42,000 dollars.
TRUTH: This is not nor has it ever been a tax bill. This bill is a BUDGET RESOLUTION bill. This bill is designed to present what the upcoming fiscal year should look like. The budget resolutions are not tax votes.
The budget resolution is to give some parameters in terms of what in
fact, what the budget is going to look like in the upcoming year, but it does
not purport to actually be a tax bill and every person who looks at this should be able to recognize this phony issue on the part of the McCain campaign.
Lie # 2: Obama will raise taxes on small businesses
TRUTH: Obama will not raise taxes on small businesses, in fact he will eliminate the capital gains tax for small businesses and start-up companies, AND each employee will receive a $500 tax credit (in the form of a state benefit): This state benefit includes a negative income tax, which includes a flat rate tax, with a fixed govt payout. A negative income tax system which taxes higher salaries at higher rates on the one end, while, on the low end, its rates decline to zero and below into negative taxation rates. In such a system, those at a certain income level would owe no taxes. Those above that level would pay a percentage of their income above that level, while those below would receive a payment of a percentage of their shortfall, which is the amount their income falls below that level.
Example: Small Business Employee makes 5000 a year. Well, the govt's fixed payout would be 500 and the flat rate might be .25
500 + (5000-1250) = 4250, you'd be getting 75 percent of your income with an additional 500 dollars from the GOVT, essentially a 10 percent increase.
Obama will provide INCENTIVES for companies who stay in America and create jobs.
Lie # 3 Obama will raise taxes on seniors
TRUTH: Obama has repeatedly stated that he will eliminate taxes for seniors who are making 50,000 dollars or less. Secondly, if you are a senior who makes over 50,000 dollars you will still get a tax cut because you make less than 250,000 dollars.
Lie #4 Barack will raise taxes on seniors' life savings
TRUTH: Barack will not raise taxes on seniors' life savings: Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7 million seniors and relieve millions from the burden of filing tax returns. If you are a working senior or a just a person who works, but who isn't a senior, Obama will ensure savings incentives are fair to all workers by creating a generous savings match for low and middle-income Americans. His plan will match 50 percent of the first $1,000 of savings for families that earn less than $75,000. The savings match will be automatically deposited into designated personal accounts. Over 80 percent of these savings incentives will go to new savers. However, John McCain has nothing on his website about social security or senior life savings.
Lie # 5 Obama will raise taxes on your family
TRUTH: Obama has also repeatedly stated that people who make 250,000 dollars or less will receive tax cuts, those who make above this amount, will not get tax cuts. Here's a video that analyzes both tax plans:
Here's another video from the Obama campaign that further validates my points and invalidates John McCain's assertions:
McCain has no real plan which is why he lies about Obama. His economic "plan" is pitiful. McCain addresses 7 areas within his plan: Relief for Families, Government Reform, Supporting Small Businesses,Cheap and Clean Energy, Better Healthcare, Simpler and Fairer Taxes and Lower Barriers to Trade.
Relief for Families: We are talking about this one
In this section McCain addresses Gas and Food, His Home plan, and the credit crunch of college students. GAS AND FOOD: For gas, McCain presents his gas holiday tax GIMMICK, for food he only suggests repealing the ethanol-mandate and for his home plan: Eligibility: Holders of a sub-prime mortgage taken after 2005 who live in their home (primary residence only); can prove creditworthiness at the time of the original loan; are either delinquent, in arrears on payments, facing a reset or otherwise demonstrate that they will be unable to continue to meet their mortgage obligations; and can meet the terms of a new 30 year fixed-rate mortgage on the existing home. This is it???? That's all???? What will you do to prevent this from happening again? What standards will you provide these companies with???? This isn't a plan, and it doesn't help to ensure that this will not happen again!
Obama's Plan:
Create a New FHA Housing Security Program:
Barack Obama strongly supports the efforts of Senate Banking Committee Chair Chris Dodd (D–CT) to create a new Federal Housing Administration (FHA) program that will provide meaningful incentives for lenders to buy or refinance existing mortgages and convert them into stable 30-year fixed mortgages. This plan provides an important federal backstop – not a bailout – to this growing national problem. Neither lenders nor homeowners would receive a windfall from this plan.
Create a Universal Mortgage Credit:
Obama will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.
Ensure More Accountability in the Subprime Mortgage Industry:
Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.
Mandate Accurate Loan Disclosure:
Obama will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.
Create Fund to Help Homeowners Avoid Foreclosures:
Obama will create a fund to help people refinance their mortgages and provide comprehensive supports to innocent homeowners. The fund will be partially paid for by Obama's increased penalties on lenders who act irresponsibly and commit fraud.
Close Bankruptcy Loophole for Mortgage Companies:
Obama will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. Obama believes that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.
McCain hasn't a real plan and since he's all ready stated that he doesn't know much about the economy I can't trust him or his lie of an ad:
McCain's newest ad:
Barack's newest ad:
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