<p>
It really depends on how you define middle class. Obama’s plan actually results in increased after-tax income for everyone but the top 1% of Americans. See [url=<a href=“http://www.taxpolicycenter.org/UploadedPDF/411741_updated_candidates.pdf]here[/url”>http://www.taxpolicycenter.org/UploadedPDF/411741_updated_candidates.pdf]here[/url</a>] for an excellent analysis. I’ll sum up the specific part that I’m referencing, though (page 30 for Obama and page 36 for McCain):
The number in parentheses represents the percentage difference between current tax rates and what they would be under various plans. The first number is for Obama’s and the second is for McCain’s, though I only have the actual dollar amounts for Obama.</p>
<p>The lowest quintile of Americans will pay on average $698 less. (-5.8%, -.8%)
The second quintile will pay on average $1589 less. (-5.1%, -2.5%)
The middle quintile will pay on average $2132 less. (-3.7%, -2.5%)
The fourth quintile will pay on average $3354 less. (-3.4%, -3.2%)
The top quintile is broken down more to see how it changes. The people in the 80-90 group (i.e. those that make more than 80% of Americans but less than those that make more than 90% of Americans) will pay on average $5007 less. (-3.3%, -3.6%)
The people in the 90-95 group will pay on average $6070 less. (-2.8%, -3.6%)
The people in the 95-99 group will pay on average $6250 less. (-1.7%, -3.8%)
The top 1% will pay on average $38,419 more. (+1.9%, -6.4%)
The top .1% will pay on average $301,444 more. (+3.3%, -7.4%)</p>
<p>Now, to give some scope to those numbers besides just the top 1% etc., here’s how the salaries of those groups breaks down:</p>
<p>Lowest quintile: $19,740
Second quintile: $38,980
Middle quintile: $69,490
Fourth quintile: $117,535
90%: $169,480
95%: $237,040
99%: $619,561
99.9%: $2,832,449</p>
<p>So, in essence, anyone making less than $600,000 per year is going to pay less in taxes. I don’t believe that’s middle class. Personally, I’d put middle class somewhere around the middle quintile (it’s even got middle in it’s name! :D). Also, to compare it with McCain’s plan, you will benefit more under Obama’s plan than you will McCain’s plan if you make less than $169,480 per year. I don’t consider that middle class, either.</p>