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06-12-08 Boston Globe-Obama Promotes Middle-class Tax Cut By

06-12-08 Boston Globe-Obama Promotes Middle-class Tax Cut By

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Published by Mark Welkie

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Published by: Mark Welkie on Mar 13, 2011
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June 12, 2008
Obama promotes middle-class tax cut
Posted by Foon Rhee, deputy national political editorBarack Obama will highlight his middle-class tax cuts during an event today inWisconsin, a potential battleground state in November.Obama is talking to Ryan and Jenny Micke of Appleton. With two kids, Ryan is a unitdirector with the Boys and Girls Club at the local middle school and Jenny works as aneducational assistant at a nearby preschool. With a combined income of less than$40,000 year and $120,000 left on their mortgage, they live paycheck to paycheckand work hard to make ends meet, the Obama campaign said.The presumptive Democratic nominee will go in armed with a study that suggeststhat his proposals would give families making between about $38,000 and $66,000 ayear an average tax cut of $1,042 -- three times more than the $319 in savings theywould get from the tax cut plans of Republican John McCain.The savings in 2009 would be closer for families making between $66,000 and$112,000 a year -- $1,290 under Obama's plan and $1,009 under McCain, accordingto theTax Policy Center,a nonpartisan research initiative of the Urban Institute and the Brookings Institution in Washington.The biggest gap would be for the 0.1 percent of taxpayers with incomes of more than$2.9 million a year. They would pay $270,000 less under McCain, but pay $702,000more under Obama.Both plans, however, would dramatically increase the federal deficit, the study found.Obama's proposals include a tax cut of $500 per person or $1,000 per couple formost families, but letting President Bush's tax cuts lapse for those making $200,000or more a year and raising the capital gains tax rate.McCain wants to make Bush's tax cuts permanent and also double the deduction forchildren and eliminate the alternative minimum tax.UPDATE: Meanwhile, McCain, who supports a summer-long suspension of the federalgas tax, is trying to capitalize on Obama's remarks that a "gradual" increase in pricesat the pump could encourage a badly needed change in US energy policy.Asked on CNBC about whether high prices could end up helping, Obama replied, "Ithink that I would have preferred a gradual adjustment. The fact that this is such ashock to American pocketbooks is not a good thing. But if we take some steps rightnow to help people make the adjustment, first of all by putting more money into theirpockets, but also by encouraging the market to adapt to these new circumstancesmore quickly, particularly US automakers, then I think ultimately, we can come out of this stronger and have a more efficient energy policy than we do right now."That prompted this missive this morning from McCain spokesman Tucker Bounds:"Barack Obama's assertion that the only problem with higher gas prices is thatthey've gone up too fast -- saying he'd prefer a 'gradual' increase instead -- showshow clearly out of touch he is with Americans struggling with record gas prices. At a

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