John McCain switched his attack on Barack Obama since the Ayers charge didn't stick. He accuses Obama of harboring socialist policies. His charge is that Obama wants to tax the rich and give money to people that don't pay any tax.
I investigated the flaws in his argument for my blog, Heartless and Brainless. Please join me under the fold.
John McCain switched his attack on Barack Obama since the Ayers charge didn't stick. He accuses Obama of harboring socialist policies. His charge is that Obama wants to tax the rich and give money to people that don't pay any tax.
The main flaw of this argument is that the lower classes do pay taxes. They pay Medicare and Social Security taxes on their paychecks. That doesn't include local sales or property taxes.
I discussed during the third presidential debate how America has one of the lowest global tax burdens. Take a look at this chart of U.S. tax rates throughout history. Notice a common thread since World War I? The lowest taxes were levied from 1925-1931. A severe depression followed. The tax rates rose as high as 94%(!) during the Postwar Boom. Loopholes meant that few people paid this rate. Ronald Reagan imposed higher rates than Obama suggests. President George H.W. Bush had a low tax rate but there wasn't enough revenue for the government to function. His campaign promise rang hollow and he lost the 1992 election.
McCain's socialism argument is silly. Tax rates are highest when the economy is strongest. America's tax rates are low compared to global and historical standards.
BONUS: McCain explains in his own words. Compare 2000 McCain to the 2008 version! 2000 McCain gives Obama a run for his money.