This ad from the McCain campaign says, "Obama raises taxes on seniors, hard working families, to give welfare to those who pay none." At one point, the screen shows “$100 billion to those that pay no taxes.”
It's amazing how many falsehoods the ad can squeeze into a few seconds. We covered some of this in our FAQ on taxes.
Key points of Obama's proposal:
- Eliminates income taxes for seniors making less than $50,000.
- Reduces taxes for 95% of working families.
- Cuts taxes for individuals making less than $200K and couples making less than $250K.
Here is Wall Street Journal column which describes the Obama plan in detail. Also see the tax calculator and assorted links at left.