There are plenty of misunderstandings about the Obama Tax Plan. It’s time to lay out the facts and let the voters decide if the tax plan is in the best interest of America.

Before we do, it’s important to note that the Obama plan is all about giving middle and lower class Americans a tax break, which is approximately 95% of all Americans.

The John MCCain tax plan follows the tradition tax plans, giving the highest earners the biggest tax breaks, while providing little support to the middle and lower classes.  We all now this as trickle down economics.  The theory is that giving big business and the highest earners tax breaks, will trickle down to the average Joe, “no, not the average Joe Plumber”.  Bush subscribes to this policy - has it worked?

Here is what the Barack Obama tax plan is proposing:

Raise taxes for those making over $250,000 a year

Let’s be realistic - they can afford it.  Over the past eight years, the highest earners are the ones who have benefited from the Bush plan. They can afford health care, to buy a home, to maintain a home, to go on vacation and not have to worry about making ends meet every month. Even today, they are in much better shape, financially than most of America.

Increase the tax credit for low wage earners:

Barack is proposing to triple the amount of tax cuts for main street Americans. It sounds like a lot but in reality, it will barely be enough for us to get by.  But his plan is going in the right direction.

Here are some comments about the Obama Tax Plan:

Rea Hederman Jr., a senior policy analyst at the conservative Heritage Foundation “said the middle class would likely pay less under Mr. Obama’s plan than Mr. McCain’s.” [NY Sun, 8/15/08]

Obama’s tax calculator is “a very simple gadget that’s the most useful thing I’ve seen on any political website in a while.” [Forbes.com, 10/08]

Cut taxes for the small business owners and those companies that keep jobs in America

How many people do you know have lost their jobs because big business has shipped the jobs overseas?  I, for one, am directly affected by this - and I am still unemployed.  I am angry that the big companies are looking for a profit and forgetting about their employees, some who gave their sweat and blood for 10 - to 20 years, only to be told - get out!

Now, I’m starting my own small business - and I’m excited about the prospects under Barack Obama’s tax plan.  In order to compete globally, America must keep the jobs here and support our small businesses - we are capable of competing with anyone in world!

Here are a few more facts about Obama’s tax plan:

• Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.

• Provide generous tax cuts for low- and middle-income seniors, homeowners, the uninsured, and families sending a child to college or looking to save and accumulate wealth.

• Eliminate capital gains taxes for small businesses, cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation.

• Dramatically simplify taxes by consolidating existing tax credits, eliminating the need for millions of senior citizens to file tax forms, and enabling as many as 40 million middle-class Americans to do their own taxes in less than five minutes without an accountant or tax advisor.

Tax Relief For Middle Class Families will include:

• A $1,000 Tax Credit
• A refundable $4,000 American Oppportunity Tax Credit
• A Universal 10% Mortgage Interest Tax Credit
• Elimate Income Taxes for Seniors Making Less than $50,000
• Expand retirement savings incentives
• Health Care Credits
• Expand the Earned Income Tax Credit
• Expanded Tax Credits for Clean Vehicle
• Simplify Tax System