Painfully Wrong - UPDATED

Anyone who's seen John McCain's Painful ad on TV or the web needs to see this video. A little fact-checking demonstrates just how painfully wrong McCain's ad is. And it is painfully damaging to the discourse of democracy that should be taking place and a painful slap in the faces of the American people. Imagine -- John McCain lying. But wait, you don't have to imagine it. Just listen to him. He's lying to you right now and this video tells you just how.

Digg it here. Help it go viral via email, your blog, facebook, wherever. Also don't forget to recommend and favorite it on youtube.

Don't believe the points in this video because it was produced by the Obama campaign? Then check out this fact-check page which lists the lies in the ad one by one and then the traditional media quotations of independent experts and individuals refuting the lies, one by one.

H/T to and updates via Muzikal203

UPDATE #1: Newsweek is also pointing out McCain's lies on Obama's tax policy.

Summary
McCain released three new ads with multiple false and misleading claims about Obama's tax proposals.

A TV spot claims Obama once voted for a tax increase "on people making just $42,000 a year." That's true for a single taxpayer, who would have seen a tax increase of $15 for the year - if the measure had been enacted. But the ad shows a woman with two children, and as a single mother, she would not have been affected unless she made more than $62,150. The increase that Obama once supported as part of a Democratic budget bill is not part of his current tax plan anyway.

A Spanish-language radio ad claims the measure Obama supported would have raised taxes on "families" making $42,000, which is simply false. Even a single mother with one child would have been able to make $58,650 without being affected. A family of four with income up to $90,000 would not have been affected.

The TV ad claims in a graphic that Obama would "raise taxes on middle class." In fact, Obama's plan promises cuts for middle-income taxpayers and would increase rates only for persons with family incomes above $250,000 or with individual incomes above $200,000.

The radio ad claims Obama would increase taxes "on the sale of your home." In fact, home-sale profits of up to $500,000 per couple would continue to be exempt from capital gains taxes. Very few sales would see an increase under Obama's proposal to raise the capital gains rate.
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A second radio ad, in English, says, "Obama has a history of raising taxes" on middle-class Americans. But that's false. It refers to a vote that did not actually result in a tax increase and could not have done so.

These ads continue what's become a pattern of misrepresentation by the McCain campaign about his opponent's tax proposals.

The Newsweek article goes through a 4 page debunking of McCain't's LIES on Obama's policy. Nice to see some journalists doing their jobs. . . Check out the whole thing and pass it on.

UPDATE #2: CNN breaks them down too:

UPDATE #3: Here's the CNN transcript for the hearing and broadband impaired:

WILLIS: All right. We've got some really interesting numbers here. You know, we were talking just a few minutes ago about the tax policies of the two major candidates out there -- Obama and McCain. How do they stack up? Classic match-up -- Republican and Democrat. Look at these numbers though.

Let's start with low-income folks out there. $38,000 to $66,000 a year. If you're earning that, under the McCain plan, you save about $319. Under the Obama plan, you save over $1,000. So, big benefits going for folks who earn less than $66,000. Now, let's up the ante a little bit. If you're in the middle of the income stream, $66,000 to $112,000, which is actually pretty rich in this country. Your tax bill would come in 1,000 bucks lower under McCain. Under Obama, it would come in 1200 bucks lower.

Now, let's look at people who make a chunk of change. $112,000 to $161,000. McCain, big-time savings there of $2600. Obama, not so much at 2200 when you stack the two next to each other.

But here is the rub, guys. Look at these numbers. If you're super wealthy in this country, Obama is going to sock you with more taxes of more than $700,000. Now, you see the message of that, where he wants to make up tax revenues here.

Interesting stuff from the Tax Policy Center. They are a nonpartisan research organization out of Washington. You see that classic match-up, though.

What's interesting, John, I think, is that you would expect the Democrats to raise taxes on lots of folks, not just the super wealthy. Not the case with Obama. Really going after the super rich here.

ROBERTS: Yes. The whole, I guess, message of this campaign is that -- and Jim Webb was talking about this yesterday, that there's this calcification of, you know, difference between the very wealthy in this country and those who are financially disadvantaged.

WILLIS: Huge gap, growing gap.

ROBERTS: Or even people in the middle class. And I guess they want to try to level that playing field.

WILLIS: They want to level that playing field. And very interesting differences, of course also, Obama giving tax credits to people who don't have income to report. So, very different approach to taxes in this country. Makes it clear as a bell for you out there who are going to be voting in November.

ROBERTS: All right. Lots to consider this year.

WILLIS: That's right.

UPDATE #4: From the Washington Post, here's another good graph to pass around: