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Tax Plans for Obama and McCain

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current event by VnutZ on 12 June 2008, tagged as politics, government, election, obama, and mccain

Now that the race for President has narrowed down to two candidates, the contest is beginning to center around the classic differences between the Republican and Democrat ideologies. With the economic turmoil faced by many Americans, interest turns increasingly towards what will happen to their money especially in the form of taxes. McCain's plan is to reduce taxes unilaterally across the board for all tax brackets as a mechanism of increasing consumer liquidity. Obama intends to reduce taxes for the lower tax brackets while dramatically increasing taxes on the wealthy, defined as those earning in excess of $600K. Ultimately, critics find both plans equally flawed and generating an equivalent shortfall of funds for the budget.

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A broader comparison and issues with both sides by Brandon :: NR9

I'd like to see a comparison that takes into account the trickle-down effect of corporate tax cuts to their employees (e.g., via profit sharing).

Also, I noticed things I don't like on both sides:

  • Obama plans to increase capital gains taxes. (Investing should be encouraged, not "penalized.")
  • McCain plans to reduce taxes (as a percentage of income) less for the lower class. (Making the reduction at least even can't be that big of a deal. Even if it means the reduction wouldn't be quite as high for others, as a percentage it doesn't make sense to give the higher class an advantage.)

Speaking of politics and taxes, I've never understood how someone *cough*Democrats*cough* can tout raising corporate taxes as part of a economic package that simultaneously aims to reduce unemployment.

Posted 12 June 2008, Hide, Reply
1 Nerd-It - +
Which plan give YOU the bigger cut? by Brandon :: NR9

It turns out Obama's plan would give me the biggest cut (assuming the incomes listed are after-taxes) - at least according to this Washington Post article.

Posted 19 June 2008, Hide, Reply