First Hard Numbers on Obama Tax Plan Show Dramatic Tax Redistribution
June 26, 2008
Senator Obama’s tax plan is a dramatic redistribution of the nation’s tax burden, according to a new Tax Foundation analysis.
In Tax Foundation Fiscal Fact, No. 132, Tax Foundation president Scott Hodge uses revenue estimates from the Tax Policy Center to show that Obama’s plan would greatly accelerate the decades-long trend toward a federal government that depends for tax revenue almost exclusively on a few high-income people. This contrasts starkly with the McCain plan, according to Hodge, which would give every taxpayer a cut and leave the current tax burden distribution approximately where it is.
“Under the Obama plan for 2009,” explains Hodge, “more than $131 billion would be shifted from the tax burden of all low-, middle- and high-income taxpayers to the burden of the highest-earning 1 percent.”
Read the new study, “Hard Numbers on Obama’s Redistribution Plan,” here.
Click here for more on the candidates’ tax plans.