In 2006 Americans enjoyed their first rise in average income since 2000. The problem is that inflation threatens to wipe out these fragile and slight gains. Obama’s tax plan features a middle class tax cut (while raising taxes on more or less everyone and everything else). McCain wants broad-based tax reduction, but so far lacks a middle-class tax plan that could counter Obama’s. This is a weakness in his candidacy, and one that he would be wise to address at next week’s GOP convention in St. Paul.
