Here's what Palin claimed in her address tonight:
The Democratic nominee for president supports plans to raise income taxes … raise payroll taxes … raise investment income taxes … raise the death tax … raise business taxes … and increase the tax burden on the American people by hundreds of billions of dollars.What is the truth? A recent Wall Street Journal article by Obama's two top economic advisers gives a clear and complete description of Obama's complete tax proposal. Here is an excerpt:
... his plan would not raise any taxes on couples making less than $250,000 a year, nor on any single person with income under $200,000 -- not income taxes, capital gains taxes, dividend or payroll taxes.Also see ObamaTaxCut.com, which allows you to calculate your tax cut under Obama's proposals.
As previously mentioned, the Obama plan is a net tax cut -- his middle-class tax cuts are larger than the rollbacks he has proposed for families making over $250,000. Sen. Obama would pay for this tax cut by cutting spending -- including responsibly ending the war in Iraq, reducing excessive payments to private plans in Medicare, limiting payments for high-income farmers, reducing subsidies for banks that make student loans, reforming earmarks, ending no-bid contracts, and eliminating other wasteful and unnecessary programs.
Do not take the critics' word for it. Go look at the plans for yourself at www.barackobama.com/taxes.