McCain and Obama Tax Policies
Posted by TJ on Wednesday October 29, 2008 @ 01:06 PM
[Tags: economy, politics, rant]

Okay so you really can't believe everything the candidates are saying now will actually happen. But the differences in both McCain's and Obama's tax policies is quite alarming. I can only hope that the candidates have such a wide variance to swing voters to their side. On this policy alone McCain would definitely win the high earners and Obama would win middle class voters and lower class.

IncomeAvg. tax billAvg. tax bill
Over $2.9M-$577,148+$699,872
$603K and up-$109,214+$121,689
Under $19K-$65-$567
* Not all proposals are slated for 2009. Example: Obama's proposal to increase what high-income earners must pay into Social Security. The campaign said such a measure wouldn't take effect for 10 years.
Source: http://money.cnn.com/2008/10/29/news/economy/candidates_tax_plans/index.htm?cnn=yes

Considering only my own tax bill I can be considered quite bias on the issue as either candidate for me would lead to modest tax cut on both sides (less than $300 difference). From my standpoint it does seem that Obama has more sound and realistic ideas to back up his policies.

Obama plans call for increasing the cap on Social security to $250,000. This would lead to and extra 9,000 of tax to individuals who make more than 250,000. In my view the only way to cure the social security issue is to raise this cap or raise the rate (which increases tax for everybody). Increasing tax on everybody does not sound like a good idea. McCain plans to privatize Social security a plan that is risky, controversial, and not a sure cure to the issue.

The nation is in debt... more debt than ever. We have more 10 trillion in debt. Is cutting taxes going to pay off the debt? I am really tired of the government giving tax incentives and then not curving the government spending.

We really need the guy who is going to give real answers -- who is going solve the social security issue, help pay down our national debt, and stop government overspending. I will gladly pay more tax if it's going to help these issues and not go towards some politicians vacation in the Hamptons or a government subcontractors mansion in California.

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