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McCain and Sarah Palin’s attack against Obama for advocating “spreading the wealth” and for “socialism” and for pronouncing the civil rights revolution a “tragedy” because it didn’t deal with the distribution of wealth is aimed ultimately at white working class undecided voters who would construe “spreading the wealth” as giving their money to blacks. It’s the latest version of Reagan’s “welfare queen” argument from 1980. It if it works, it won’t be because most white Americans actually oppose a progressive income tax, but because they fear that Obama will inordinately favor blacks over them. I don’t doubt that this argument will have some effect, but I suspect it’s too late and that worries about McCain and Republican handling of the economy will overshadow these concerns.
http://blogs.tnr.com/tnr/blogs/the_plank/archive/2008/10/29/more-cork-popping.aspx
Not surprisingly, the “debate” centered around the false premise that Obama’s tax cuts are actually welfare. I say that’s false because - as I pointed out on the show - everyone pays some form of taxes, whether it’s income, property, sales or payroll taxes. When you take all those taxes together, most working- and middle-class Americans pay a higher effective tax rate than the Warren Buffetts of the world (as Warren Buffett, by the way, readily acknowledges). So Obama’s plan to pass refundable income tax credits is only a handout if you look exclusively at one slice of taxes - in this case, income taxes. But in the overall tax scheme, those tax credits are aimed at better equalizing the tax structure so as to diminish the gap between Warren Buffett’s very low effective tax rate and Joe Sixpack’s high effective tax rate. Only in the asylums of Fox News and Republican Party politics is reducing that effective tax rate gap billed as theft from the rich to finance “welfare.”

This concept of effective tax rates (ie. the tax rate actually paid and enforced) is key to understanding the most telling part of this Fox News discussion - the part at the end where former Bush-Cheney spokeswoman Jennifer Millerwise Dyck parrots McCain campaign talking points about America supposedly having a very high corporate tax rate in relation to the rest of the world. This, says Dyck and fellow Republicans, is driving businesses to move offshore.

It sounds like a credible storyline, especially considering that officially, our corporate tax rate is somewhere between 35 and 39 percent. But, as always, the devil is in the details.

To know how high - or low - the effective tax rate is, you have to go beneath the top-line rate and account for all the loopholes, subsidies and write-offs - and the way to do that is by looking at corporate tax revenues as a percentage of a country’s GDP. That way, you know how much corporations are actually paying as a share of your overall economy - in other words, you know the real corporate tax rate, not the fake one advertised by top-line numbers. And when you look at America’s tax structure through this lens, you see that even the Bush Treasury Department admits we have the second lowest effective corporate tax rate in the industrialized world (see page 42 of this report).

Indeed, this explains the dissonance between Republican claims of “highest corporate income tax rate in the world” and the recent Government Accountability report showing that most corporations pay no corporate income taxes at all. The latter is the truth - most corporations don’t pay any taxes because of loopholes, writeoffs and subsidies that allow them to effectively reduce that 35 percent corporate tax rate to zero. In fact, many profitable corporations actually collect tax rebates. But as I told Fox News, we don’t hear criticism of that kind of “corporate welfare” from the Republican mouthpieces deriding Obama’s middle-class tax cuts as welfare.
http://www.huffingtonpost.com/david-sirota/memo-to-fox-news-the-gop_b_136557.html

Duration : 0:8:29

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With the economic crisis, most of us are not concerned with the welfare of Wall Street but instead the stability of our homes and jobs.

Obama offers his 95% tax cut as a means of securing Ohios electorate. But a closer look at this proposal will show damaging ramifications on the American economy.

Minimizing taxes for these individuals will pressure those without the cut; American industry and small business.

This will, in turn, limit the availability of jobs and raise the prices of goods and services.

Only then would price controls and increased government involvement in industry attempt to solve the problem.

McCain is an advocate of eliminating superfluous government spending and sustaining small government.

John McCain will permanently repeal the Alternative Minimum Tax — a tax that was paid nearly exclusively by 25 million middle class families.

By repealing this tax, middle class families will save nearly $60 billion in a single year.

**A middle class family with children will save an average of over $2,700.**

A vote for John McCain is a vote for a REAL tax cut for working American families.

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Her experience is as mayor of a city with a population of about 5,000 (at the time), and less than 2 years as governor of a state with about 670,000 residents. During her mayoral administration most of the actual work of running this small city was turned over to an administrator. She had been pushed to hire this administrator by party power-brokers after she had gotten herself into some trouble over precipitous firings which had given rise to a recall campaign. Sarah campaigned in Wasilla as a “fiscal conservative”. During her 6 years as Mayor, she increased general government expenditures by over 33%. During those same 6 years the amount of taxes collected by the City increased by 38%.

This was during a period of low inflation (1996-2002). She reduced progressive property taxes and increased a regressive sales tax which taxed even food. The tax cuts that she promoted benefited large corporate property owners way more than they benefited residents. The huge increases in tax revenues during her mayoral administration weren’t enough to fund everything on her wish list though, borrowed money was needed, too. She inherited a city with zero debt, but left it with indebtedness of over $22 million. What did Mayor Palin encourage the voters to borrow money for? Was it the infrastructure that she said she supported? The sewage treatment plant that the city lacked? or a new library? No. $1m for a park. $15m-plus for construction of a multi-use sports complex which she rushed through to build on a piece of property that the City didn’t even have clear title to, that was still in litigation 7 yrs later–to the delight of the lawyers involved! The sports complex itself is a nice addition to the community but a huge money pit, not the profit-generator she claimed it would be. She also supported bonds for $5.5m for road projects that could have been done in 5-7 yrs without any borrowing. While Mayor, City Hall was extensively remodeled and her office redecorated more than once. These are small numbers, but Wasilla is a very small city.

As an oil producer, the high price of oil has created a budget surplus in Alaska. Rather than invest this surplus in technology that will make us energy independent and increase efficiency, as Governor she proposed distribution of this surplus to every individual in the state. In this time of record state revenues and budget surpluses, she recommended that the state borrow/bond for road projects, even while she proposed distribution of surplus state revenues: spend today’s surplus, borrow for needs. She’s not very tolerant of divergent opinions or open to outside ideas or compromise. As Mayor, she fought ideas that weren’t generated by her or her staff. Ideas weren’t evaluated on their merits, but on the basis of who proposed them.

She has bitten the hand of every person who extended theirs to her in help. The City Council person who personally escorted her around town introducing her to voters when she first ran for Wasilla City Council became one of her first targets when she was later elected Mayor. She abruptly fired her loyal City Administrator; even people who didn’t like the guy were stunned by this ruthlessness. Fear of retribution has kept all of these people from saying anything publicly about her.

As Mayor, she had her hand stuck out as far as anyone for pork from Senator Ted Stevens. Lately, she has castigated his pork-barrel politics and publicly humiliated him. She only opposed the “bridge to nowhere” after it became clear that it would be unwise not to. As Governor, she gave the Legislature no direction and budget guidelines, then made a big grandstand display of line-item vetoing projects, calling them pork. Public outcry and further legislative action restored most of these projects–which had been vetoed simply because she was not aware of their importance–but with the unobservant she had gained a reputation as “anti-pork”. She is solidly Republican: no political maverick. The State party leaders hate her because she has bit them in the back and humiliated them. Other members of the party object to her self-description as a fiscal conservative.
http://www.washingtonindependent.com/3671/the-reform-candidate

Duration : 0:7:44

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