Obama Tax Plan: Rates Similar to Clinton, less than Reagan.

Senator Obama is getting hammered on his tax plan and I have read it. Why doesn't Senator Obama dispel the current talking points sweeping the news media and clarify his plan? He must definitively state that his tax plan returns to tax levels similar to what we had during Clinton when the country experienced a great degree of growth. In addition he should reiterate that President Reagan had higher tax rates in key areas such as capital gains and everyone loved Reagan.

Overall, Obama is essentially repealing the tax cuts of the last 8 years. Those with the funds did make money, all you have to do is compare the Fortune 500 data for these last 8 years. Is it not fair to attempt to level the playing field by giving the middle class the tax cuts this time around?

Also, Obama should point out some of the following facts as well, lest people believe he really is about to set up a socialist state. It is ironic that John McCain is stirring up socialist distrust in Obama's tax plan while President Bush and his Republican appointees are busy ploughing tax dollars into and claiming an ownership stake in private financial enterprises across the globe. This is way more expensive socialism than what Obama is proposing.

(Note: The following list is by no means comprehensive or else I would be here all day):

1. The tax plan does not give tax credits back to those who do not pay taxes but in fact eliminates taxes for seniors earning less than $50,000 - it is not welfare for the lazy paid by the hard-working.

2. The tax plan does not tax people grossing $250,000, it is the tax on the adjusted gross income meaning you have to earn much more than $250,o00 in order to pay taxes on $250,000 after all of your deductions and credits

3. Maybe he should stop mentioning the $250,000 level unless he is going to clarify #2 above. Grossing $250,000 is barely enough to live comfortably on the East Coast in NY. We live on Long Island; we know this is far from any feeling of wealth whatsoever. This is why scale of top 10% of wage-earners should be geographically adjusted. Yes, $250,000 in Appalachia is a lot of money.

4. Most of all, explain the tax credits that he is giving such as aid to families with children in college, mortgage tax relief, and low income tax relief and that he is not giving tax breaks to those who do not pay taxes. If he is, he will have to cut this part out!

For those of you who have read Obama's tax plan, it appears rational and fair in theory. For those of you who hear it second-hand through your biased media venue, it sounds a whole lot more suspicious than it really is.