Boston GlobeObama Advisers Tout Tax Plan
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Advisers to Barack Obama accused Republican John McCain of having no ideas how to jump start the economy while the Democrat’s $50 billion stimulus plan is the way to go.
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Previewing a week of economic issues to be touted on the trail, former Commerce Secretary Bill Daley and Obama economic advisor Jason Furman pledged that families making under $250,000 a year will not see their taxes increase in an Obama administration. Furman added that the threshold for singles to not pay more taxes “is just a little bit lower than that $250,000.”
Furman said that Obama’s plan to increase the capital gains dividend to between 20 and 28 percent also will not affect middle income earners.
“If you make below $250,000, none of your taxes go up and, in fact, most likely you’re going to end up getting a tax cut and it’s likely one that’s bigger than what John McCain has to offer. … What Barack Obama has called for is that for families making over $250,000 a year, setting a new tax rate for capital gains somewhere between 20 and 28 percent. He said (it) will probably be closer to 20 percent and we believe we can get closer to that number in the context of our overall budget. And that’s below the rate that Ronald Reagan set in 1986 and the decade following Ronald Reagan’s tax increase of the capital gains rate, the stock market went up 27 percent. So no middle class families would be affected,” he said.
The two advisers argued that Obama’s plan will help the middle class while McCain’s plan helps corporations and ignores the middle class.
McCain “essentially has no ideas to get the economy going and create jobs in the short run, and has ideas about the long run economy that are rooted in a failed economic philosophy, the belief that tax cuts for corporations and the most affluent are the way to help middle class families prosper and succeed in the economy,” Furman said.
The two also said Obama’s long-term plan would be paid for by telling “some of the most affluent families that you’ve had a lot of tax cuts from George Bush. Some of them you’re not going to get to keep.”