Can I can call you Joe? After last night's debate, and all the diaries on KOS today, I feel like I've heard about you half my life.
I can't speak for Sen. Obama, but as someone who's followed the campaigns this year and looked at the tax plans of both candidates, there are some things I want to say to you.
John McCain says that you're upset because you believe that Sen. Obama's tax plan will raise your taxes. I don't know if you really are upset or really do believe that Sen. Obama will raise your taxes. I certainly heard Sen. McCain say some other things that were not accurate last night. But, if you do feel that way, I don't think that you will if you really look at Sen. Obama's tax plan.
First, as Sen. Obama said, you may have just been given bad information. Sen. McCain keeps saying that Sen. Obama will raise taxes on most of us, but that just isn't true. Every independent group that has looked at it agrees that Sen. Obama's plan won't raise taxes for individuals or businesses making less than a quarter of a million dollars. They quibble about whether that means 95 per cent or 81.something per cent of us get tax reduction, but there is certainly agreement that Sen. Obama's plan cuts taxes for most of us while Sen. McCain's cuts taxes primarily for those making over a quarter of a million dollars a year.
So, if that business you want to own makes less than a quarter of a million dollars a year - it's real clear that Sen. Obama's plan gives you the best break. You just got bad information. There's been a lot of that going around this year.
Maybe that plumbing business will make more than a quarter of a million dollars a year. If so, congratulations. Not many of us are doing that well right now. But, we need business that are doing well to make sure that the rest of us have jobs. Sen. Obama and Sen. McCain agree on that, although you might not know it from listening to Sen. McCain. And if that plumbing business is doing very well now, you may pay more in taxes under Sen. Obama's plan than Sen. McCain's plan - at least at first. But that still doesn't mean that you'll be better off if Sen. McCain becomes president.
Sen. McCain rants about class warfare and claims that Sen. Obama wants to take your money and give it to someone else. Well, that's politics. But, you know that no matter who gets elected you will pay taxes. ALL taxes are taking our money away and using it for something the government thinks a better use of it than letting us keep it. Sen. McCain, for example, would take your tax money - whatever the amount - and use part of it to pay banks the difference between what is owed on some home loans and the current value of the house. Since he's not offering to reduce the amount of my home loan because I was careful enough, and lucky enough, to be able to finance a fairly small percentage of my house, I'm not real crazy about paying for other people's houses. But, Sen. McCain doesn't seem to see that as class warfare or taking away my money to give it to someone else. Sen. Obama wants to spend money on different things. Either way, the government is going to take our tax money and other folks are going to get some of it. The difference is whether that spending that tax money actually does us some good in the long run.
Sen. Obama's plan will take a little more from you, and a little less from those of us making under a quarter of a million dollars, because he believes that's the way to build a healthy economy that helps us all - including you. Sen. McCain, in contrast, believes in the old trickle-down economics - that the richest will spend their money to fuel the economy if they just have more of it. Well, only about 5 per cent of the population makes over that quarter of a million amount and they sure haven't been spending it to make the economy work lately. Trickle-down economics doesn't work and hasn't worked.
The latest drop in the market was spurred, in large part, by news of a bigger than expected drop in consumer spending. More than two-thirds of our economy is based on consumer spending. That's the spending by those 95 per cent that Sen. Obama wants to give a tax break to so they start spending again and our economy recovers. You certainly know about those consumers spending. Those are your customers who pay your bills - if they have the money to do it. I doubt that you'll have to worry very long about making over $250,000 if the 95 per cent of the households making under $250,000 - probably the vast majority of your customers - are not spending because they can't afford to spend.
So, would Sen. Obama really be taking your money away without giving you something in return? If his plan results in your customers being able to pay your bills, if it results in a healthier economy - that means your business is healthier and you keep making good money. And that's the idea.
Maybe you want to take your chances with Sen. McCain's plan because your business makes over $250,000. Your taxes may be a little lower at first, before your business goes downhill from the economy. But, if you have to rely on just those getting tax breaks from Sen. McCain's plan as your customers, I'm afraid you're going to be joining the rest of us who are making less than $250,000 real quick.
This isn't about class warfare. It's about working together as a country so that we all make it. It's about making sure that those of us not making very much can continue to pay our bills, and businesses making over $250,000 can keep making that kind of money and creating jobs because we can pay our bills to you. So, think about it, Joe.