During the October 2, 2008 vice presidential debates, Sarah Palin accused Barack Obama of voting for "the largest tax increase in history." This accusation is not true.
The vote Palin referred to is for the Democrats' 2008 budget proposal. This proposal would have increased taxes by about $217 billion dollars over two years. It is important to note, however, that these tax increases would not have affected middle-class Americans who would still see a tax decrease, not increase.
And as hefty as $217 billion in higher taxes sounds, it must be compared to the percentage of the nations' gross domestic product (GDP). Using this widely-accepted economic formula, the increase Obama voted for would not have even made the "Top 10 Biggest Tax Increases" list since 1940, and only ranks the number three since 1968.
