Tax Policy. Why it doesn't matter...

Regarding Barack Obama's tax policy that everyone is so afraid of...

Obama would actually be eliminating capital gains taxes for small businesses.

McCain's tax cuts would only serve to put us into further debt to countries like China.

If you want to talk about socialism, being beholden to China puts us in a very precarious and hypocritical position. You can't preach about the negatives of socialism and communism and at the same time hold out your hand for help from the socialist/communist world.

If you make less than $200,000/year, your taxes go down in both cases. If you make more, they go up with Obama. The $200K+ people got a tax cut in 2003 because "supply siders" said it would fuel the economy. I know some people don't read the paper, but how do you think that worked out? The taxes are rising to what they were before Bush. It is not as if suddenly, if you make $200,000+ you will have to pay the government 80% of what you make. That would be redistribution of wealth and an unfair policy that no one would allow. It is reasonable to suggest, though, that our economic situation calls for a change in our tax policy and a simple 6% rise on people earning over 200,000 seems like a reasonable change. Their after taxes income would change from $144,000 to $122,000. You're right. The end is nie. Hide the womenfolk. Let the babies burn. $22,000? That's what you really believe is going to change the world.

Let's also briefly discuss the ridiculousness that we're even arguing about this. We are talking about $30,000! There is war and destruction and terrorism and nuclear concerns. But, no. We have to vote for McCain so we can save our $30,000. Daddy needs a new plasma. That's absurd.

I also think it's irresponsible to blame the current economic situation on the last two years of Democratic policy. You can just as easily blame it on Bush and his willingness to veto anything that didn't support his ideas.

The fact of the matter is that this is not a situation that started two years ago, but a problem that began many years ago. It's mostly attributed to a bill passed in 1999 championed by Phil Gramm (John McCain's economic advisor) that deregulated protections put in place since the Depression. Gramm introduced the Gramm-Leach-Bailey Act in November 1999 and it is said to have led to the 2007 subprime mortgage financial crisis. So we have a self-avowed economic idiot, McCain, taking advice from historically regarded idiot Phil Gramm, who legislated us right into this mess. (source: Princeton Economics professor Paul Krugman)


ACTUAL TAX POLICY POSITIONS

Barack Obama:

Opposed extending 2003 Bush tax cut law through 2010. Supports eliminating marriage penalty and extending child tax credit. Proposes a "making work pay" tax credit of up to $500 per person, or $1,000 per working family. Proposes eliminating income taxes for seniors making less than $50,000 per year and eliminating all capital gains taxes on start-ups and small businesses. Says he would reform the child and dependent care tax credit by making it refundable and allowing low-income families to receive up to a 50 percent credit for child care expenses. Favors tax cuts for middle-class workers and tax increases for top earners. Says he would restore the top two income tax rates to their pre-2001 levels of 36 percent and 39.6 percent. (Currently, they're 33 percent and 35 percent.) Says he would maintain the estate tax but would freeze the estate tax exemption amount at $3.5 million. Proposes to create an "American opportunity tax credit," which the Obama campaign describes as "a fully refundable credit" that "will ensure that the first $4,000 of a college education is completely free for most Americans and would cover two-thirds the cost of tuition at the average public college or university."


John McCain:

Voted against 2001 and 2003 Bush tax cut laws, but later voted in favor of extending tax cuts through 2010. Says he would keep the current rates on dividends and capital gains, and maintain the current income and investment tax rates. Says he opposes a proposal supporters call the "Fair Tax," which would repeal income taxes and other taxes and abolish the Internal Revenue, but has previously said he would sign it into law as president. Says he would double the child deduction from $3,500 to $7,000 and permanently repeal the alternative minimum tax. Says he would reduce the corporate tax rate from 35 percent to 25 percent. Advocates raising the exemption from taxation on estates up to $10 million while cutting the tax rate to 15 percent. Proposes that a three-fifths majority vote in Congress be required to raise taxes. Says he would permit corporations to immediately deduct the cost of equipment investment. Would prohibit new cellular telephone taxes and ban Internet taxes. Wants to establish a permanent tax credit equal to 10 percent of wages spent on research and development.