Barack Obama has been insistent that a central part of his economic plan is a middle class tax cut. According to Obama's website, his plan for tax relief includes a tax cut for working families, the 'American opportunity' tax credit, an expansion of the dependent care tax credit, and the elimination of income taxes for seniors earning under $50,000. Nevertheless, the McCain campaign has asserted that Senator Obama plans the largest tax increase in American history.
The liberal media has gone out of its way to defend Obama against the charge. Just the other day, the New York Times asserted that 'some [economists] question whether Mr. Obama's tax plan can even be characterized as an increase.' Well, today the Times' own Paul Krugman comes to the rescue:
Barack Obama's tax plan is more responsible than Mr. McCain's: relative to current policy, the Tax Policy Center estimates, the Obama plan would raise revenue by $700 billion over the next decade, compared with a $600 billion loss for Mr. McCain.
It turns out that not only is Obama proposing a tax increase, he's proposing a huge tax increase.
