On Bloomberg Television this weekend, former Federal Reserve Chairman Alan Greenspan told host Al Hunt that the country can’t afford John McCain’s massive $3.3 trillion tax cuts - mostly for the wealthiest Americans. Greenspan said this was the worst US economy he'd ever seen in his career "by far... outstripping anything I've seen and it still is not resolved..."
Fact check: A McCain ad claims Obama plans "painful tax increases" for working families, and "raising taxes on the middle class."
Cutting to the chase:
About 85% of Americans will pay lower taxes under Obama:
- If you make $18,981 or less - you will SAVE 29 TIMES more tax money under Obama ($19 vs. $567)
- If you make between $18,982 and $37,595 - you will SAVE nearly 8 TIMES more tax money under Obama ($113 vs $892)
- If you make between $37,596 and $66,354 - you will SAVE more than 3 TIMES more tax money under Obama ($319 vs $1042)
- If you make between $66,355 and $111,64 - you will SAVE .4% more tax money (about $281)