I thought this graphic was pretty interesting, form the Washington Post. When looking at this one, make sure you take into account that Bush's Tax cuts gave the wealthiest one percent a 6% tax break since 2001, while the rest of the tax brackets got about a 1% break.
So there's two things to consider- one; given our budget deficits of $400B per year, we really can't afford either one of these. BUT- if we can't really afford Barack's plan, we REALLY can't afford McCain's. Or, put another way, his tax plan will cost us 666% more than Obama's which would have to be made up by cutting...what? The war? No, he's not leaving Iraq until it's "won".
Let's not forget that McCain is planning on cutting corporate taxes as well, including a billion or so for Exxon Mobile. Heck- McCain's generous tax cuts will give his own family an additional $300K per year.
Next- So do the wealthy deserve to have that tax cut rescinded, and taxed more on top of that? Unless someone can show me where trickle down has worked for the middle class & poor, it's safe to say that the only people for whom supply-side tax policies work is for the very, very wealthy. That *might* reflect positively in GDP, but it ain't helping 99% of us. If you're one of the lucky folks making over $600K a year, good on ya. I hope you socked away a lot of that money in the last 6 years Bush's tax cuts have been in place. It was a good run. Yeah, your taxes are going up in the next few years (no matter who's elected president, because the GOP isn't getting back Congress soon & those cuts will expire in 2009), but I'm willing to bet that if you're making that much you have the smarts and resources to use legal tax shelters to get your effective rate below (as a percentage) to those in lower tax brackets. (see Warren Buffet's Secretary
The middle class is what drives this economy - not the ultra-rich. I'm sure someone will post that the rich account for 1% of the population but 30% of the taxes; and that's correct from dollar amount. But they also account for the a whole shitload of the wealth, and they're largely the only ones able to increase that wealth in the last 8 years, because inflation, a falling dollar and stagnant wages have meant that most folks have less to save, invest, & spend on food /shelter/ education etc. Is this redistribution of wealth? Maybe. But the scales have always been tipped in favor of the wealthy. It's the American way. Frankly, my wife and I would benefit slightly more tax-wise from McCain; but that bill is going to come due on my kid. Not worth it.
My last point- if you want to see how great our country would be if we ignore the middle class & let the gap between rich and poor grow wider, then go check out Mexico sometime. The handful of ultra-rich families live behind walls amongst a dirt-poor village. I'm not saying that could happen here to that extreme, but it ain't the direction we should be heading.....
And I fully expect Bruno to light into me