CNN: Obama's Tax Plan 'Robbing Peter and Giving to Paul'
Barack Obama has a great tax plan, at least according to one expert on CNN’s “Your Money” Oct. 19.
Allan Lichtman tried to convince "Your $$$$$" viewers that Sen. Barack Obama has the better plan during a comparison of the presidential candidates’ positions on taxes. Lichtman, author of “White Protestant Nation” and an
Lichtman declared that he trusts Obama more on the economy than Sen. John McCain because “Obama has said he is going to reduce taxes on 95 percent of Americans and 95 percent of small businesses.” The historian criticized McCain’s willingness to continue the Bush tax cuts which “overwhelmingly favor the wealthy.”
"Giving to the rich is what we've been doing for eight years and it's been a crashing failure," Lichtman said. Rather than "giving to the rich," Obama plans to take from the rich by raising their taxes.
Host Ali Velshi agreed with Lichtman. Repeating his claim that McCain cuts would favor the rich, host Ali Velshi said "let's just be plain about this.”
But Lichtman’s sparring partner, Stephen Moore of the Wall Street Journal disagreed and criticized Lichtman's support of Obama's tax plan.
According to Moore, Obama's plan would raise taxes on 50 percent of small businesses with 20 or more employees.
Velshi asked both experts “how do you create a job?” Lichtman responded by saying you give people an “incentive to invest in high-growth areas” where there is a competitive advantage.
Lichtman suggested that Obama will fix the economy by investing in a "new green economy." He dramatically stated that "if we're going to have a future it's got to be in green energy," suggesting that green energy is one of the few viable “growth areas.” "The old smokestack economy ain't coming back."
“The problem with that Allan, is how do you get more investment when you raise taxes on investment,”