Can someone please explain to me how 2% of the people in the USA can afford these promises?

"I don't think it all adds up," Isabel Sawhill, an official in President Clinton's Office of Management and Budget, said of Obama's spending plans.

"There will definitely need to be a recalibration of these proposals once someone is in office," said Sawhill, now a senior fellow at the Brookings Institution. "The fiscal situation just isn't going to permit doing what Sen. Obama or anyone else would like."

http://bulletin.aarp.org/yourworld/politics/articl...

Obama would end the Bush tax cuts and allow the top two tax rates to return to 36 and 39.6 percent. He also would allow personal exemptions and deductions to be phased out for those with income over $250,000. The real kicker, though, is that Senator Obama would end the Social Security payroll tax cap for those over $250,000 in earnings. (The cap is currently set at $102,000.) These individuals will then face a tax rate of 15.65 percent from payroll taxes and the top income tax rate of 39.6 percent for a combined top rate of over 56 percent on each additional dollar earned.

Senator Obama’s new tax rate would give the United States one of the highest tax rates among developed countries. Currently only six of the top 30 industrial nations have a tax rate for all levels of government combined of over 55 percent. Under Obama’s tax plan, the United States would join this group and have a higher top rate than such high-tax nations as Sweden and Denmark. The top marginal rate would exceed 60 percent with the inclusion of state and local taxes, which means that only Hungary would exceed Senator Obama’s new proposed top tax rate.

Senator Obama’s tax rate would be the highest individual tax rate since the Jimmy Carter days. Tax shelters and tax avoidance strategies were common when the top marginal rate was 70 percent or higher. This new top tax rate will again encourage these gimmicks, reducing investment and economic growth as resources are squandered in an attempt to avoid punitive taxation.

http://www.heritage.org/Research/Taxes/wm1973.cfm

More to the point. Is there anyone who really believes that we aren't already stuck in a position that DEMANDS taxes be raised due the the irresponsibility of this Bush, Cheaney, Rove administration.

The "war" they started against a country that didn't even threaten to attack us is unfunded. To blindly toe the GOP line of not raising taxes and borrow money from China instead President Bush Has already guaranteed the inevitability of higher taxes.

By borrowing this money rather than confessing to the American people that we need to fund this "war" he can say he didn't raise taxes, and if the Dems. win they go back to the "we don't raise taxes, they do" line

The big problem is that while we will be forced to raise taxes anyway, now we pay China $20 Billion per year in interest alone. That should be our tax money NOT Chinas. They have betrayed us in the long run all to keep the hollow claim that they wont raise taxes.

So sad, and all too true

God, the ignorance on here is frustrating! I do not understand why these people fail to see this. My father has a small business he started in 1991 with $500.00. Today, he employs 31 people, pays their health insurance, profit shares via a 401K, works his *** off, all of his insurances (and there many) are going up 18% this year alone, he is modest, lives in the same home he and my mother bought in 1970 for $20.000, has no off shore accounts, does not defraud the government, has substantial personal risk (outside of what insurance will carry) with his business, was not educated beyond the 12th grade. This year he grossed a bit over a million dollars after expenses. After writing the feds a check for $370,000 without complaint, he took home a bit under $650,000. Nice income....his reward for hard work and the will to succeed.

He gives thousands to charity, helps those in need more than most, is humble and modest, mom still cooks dinner each night and does not sport "bling" or has even had a manicure! They are just hard working people who had a dream and made it happen. My mom drives a modest buick and dad drives a GMC truck.

I honestly believe that most people look at "rich" as snooty, selfish, greedy, money hungry people.....most are not. They are hard working americans who pay their fair share and love this country.

Like yourself, I don't understand how Sen.McCain intends to make the current tax cuts permanent, add additional tax cuts for people and corporations, continue the war in Iraq, and have a balanced budget. He would have to cut $100billions of discretionary spending. He's not going to cut military spending (and the Iraq war money has been supplemental spending). So, where is he planning to cut spending, unless he intends to continue Bush's economic policy of deficit spending? However, the deficit spending and increase in the national debt have caused a weaker dollar. That in turn is partly to blame for the high cost of oil. So, instead of getting the price of gas down, McCain's policy would push gas higher along with food (as we currently see). I look forward to someone explaining his economic policy, too. FYI: It's preposterous to say that the Bush tax cuts (the tax cuts McCain opposed before he supported) increased the amount of tax paid among the "rich". They are paying more taxes because their income has increased substantially. In other words, the rich got richer. The top 1% received 26.20% of all the Bush tax cuts.

He hasn't put us another 4 TRILLION in Debt, which we have to pay the interest. The reality is that 5% own most of America's wealth and are getting all the tax cuts, while Bush has decimated the middle class and the poor, stealing from them to give to the rich!

And even if he doesn't, one thing is for sure, McCain WILL NEVER DO ANYTHING FOR ANYONE BUT THE RICH!

David Stockman's Voodoo economics was a failure under Reagan. it was a failure under Bush, as you can readily see, and McCain wants to continue giving tax cuts to the rich!

What does Dick Cheney need with a 1.7 MILLION cut while there are people in America choosing between heating and eating!

You are off base. In Fact no Republican has had a balanced budget in the 28 years of the 40 that they have been in power The last to have one is Clinton, who cleaned up Bush1's mess and left Bush 2 a surplus and 7 combat ready army Divisions. In 2 years Bush 2 squandered the surplus and we do not have ANY Divisions that are combat ready!

Jealously is a bad mistress. All those who believe in Obama's tax plan are just so jealous they can't see beyond the dollar signs. They think Obama is going to let them win the lottery. I would almost say let Obama win just for the pure pleasure of seeing them cry in their beer when they realize his promises are only good in their dreams. I say almost because I'm not willing to stand by and watch Obama destroy America and the freedoms our ancestors have fought so hard for. Only a real idiot will believe the lies told by Obama.

There are dummies out there who think that Obama can tax wealth.

He can't.

Our system only taxes income.

The wealthy will stop investing in things that produce income.

So capital will dry up.

That's why the economy will slow down and jobs will disappear.

Since there will be less income from the wealthy to tax, revenue to the federal treasury will go down.

The wealthy can live off their assets or from the proceeds of tax-free investments.

How hard is this to understand?

Obama's plan does not work.

Anybody who understands basic economics is voting for McCain.

It's not possible. Obama didn't have time for math class while he was studying to be a community organizer.

As for safeguarding all nuclear material in the world, he better ask Russia for permission to tamper with theirs.

There aren't enough people in the USA making over $250K to foot this massive bill. Anyone in the middle class who thinks they're safe from Obama's tax-raising plan is fooling themselves.

VOTERS BEWARE.

He can't get any of this money he's an idiot and to that guy who says McCain plans tio spend 5 trillion to Obama 3.5 get off you kool aid McCain is going to cut speding to 2 trillion well Obama will raise it past 5 trillion