NBC News report on taxes...

[strredwolf]

NBC just broadcast both canidates tax plans.

Obama wants to lower 8 out of 10 household's taxes, targeting the lower and middle class.  To pay for it, the top 1% will have their taxes raised.  The top 0.1% will be raised higher.  Seinors making under $50K will not be taxed on their income.

Okay, we know where the money will come from.  There's other taxes in there too, from taxing windfalls on energy companies, removing tax breaks for companies sending jobs overseas... but it's all documented on the Obama Campain website.

McCain wants to lower all taxes, and doesn't specify where we will find the money to cover for it.  Hell, I even went to the campaign website, dug a bit through, pulled whitepapers... NOTHING! McCain has absolutely no clue on where we are going to get the money from.  It's like he wants to do it, dammed the economy!

All of that, ontop of both campaigns saying they'll cut discresionary spending, pork barrel projects, yada yada yada heard it all before, standard staple of any campaign.

Tell me I'm wrong on McCain  -- point me to where McCain says where he'll get the money to cover his all-encompasing tax cuts.  At least Obama has documented it.

Comments

[darthparadox.livejournal.com]

The money will come from your grandchildren.

Obviously.

[griffinwolf.livejournal.com]

He's had 6 months since his nomination was secured.... WTF mate? What has he been doing since the Democrats have been duking it out. He should have had a plan by now.

Unfortunately, Obama isn't much better. Yeah, he has a plan, but he's not being really decisive about anything that happens to pop up. He's playing both sides of the fence.

We really need a giant right now, and, yet again, we've got two wimps having a slap-fight.

[kesarra.livejournal.com]

McCain will deregulate more industries and that will magically make more money for the gov't. It's certainly working in the banking industry. McCain's 1999 vote has made sure of that. He's been vying for the presidency at least that far back, so you're just not digging deep enough.

Seriously, I would look at Phil Gramm. He IS McCain's plan.

[tombman.livejournal.com]

Well, we could go with Ron Paul and shut down the billions and billions of dollars worth of military bases across the globe-that could do somethin!

[ceruleanst.livejournal.com]

Well, he's said he will balance the deficit with the "savings" from winning the Iraq war. Apparently there's a prize at the end if we get a high score? Maybe he plans to fund the tax cuts by invading Iran.

[caesarsalad77.livejournal.com]

Like any video game, the prize at the end is a free-play the second time around. I hear the bonus stages "Iran" and "North Korea" are totally sweet.

[bibliophage.livejournal.com]

I don't want taxes to be cut. I'm a Libertarian, and I realize that we have to pay off this freaking HUGE debt that the democrats and republicans have saddled the country with. Best way to do that?

1) Restrict the FDA to certifying labeling for drugs, and get them out of the 'you can't have this' business.
2) Eliminate lawsuits against drug companies for properly labeled drugs - that includes cigarettes. (If the side effect is listed, you can't sue them for having the side effect)
3) Eliminate the narcotics division completely. Just shut it down. The War on Drugs doesn't do anything but be price supports. Have the FDA ensure purity for stuff sold in stores.
4) Elimiate the FBI, CIA, and Secret Service. Replace with one organization that does all three, but is denied the right to act against Americans without a court order.
5) Eliminate the IRS and put tax collection where it belongs - the Treasury. Eliminate the Treasury's ability to seize things without warrants.
6) Fire the 'no-nuke' assholes working at the NRC.
7) Executive order banning all lobbyists from the Capitol grounds. Individuals are allowed, but not to offer anything other than personal support, and possibly lunch.
8) Eliminate Homeland Security completely. (See FBI/CIA).

Somewhere I actually calculated the savings for whacking the executive branch down significantly, and it ended up being something like 200 billion dollars a year, if not more.

Related to above - if a federal group is duplicated by a state group, the federal group should not operate in that state, other than in a liaison mode (small staff). This especially relates to police forces. The city of Houston, in some areas, has at least nine separate police forces. In case of a state suing the federal government, if it's an issue not covered in the constitution as being a federal prerogative, the lawsuit shall not be defended by the federal government.

There's lots of other stuff that could help, but those should cut an enormous amount of money out of the spending loop without lowering taxes. Even with 200 billion dollars a year going towards the deficit, without thinking about interest, that's still 75 years of payments to get rid of the debt.

[kusanagi-sama.livejournal.com]

Also, getting rid of Welfare, or at least making sure people are on the program for no longer than a year and help them find a job and make sure they stay working will definitely save money.

[kazriko.livejournal.com]

*sigh* You know, when the Bush tax cuts were enacted, the revenue for the government from those very taxes went up, right? McCain is trying to tap into the very same thing. If you look at Ireland, they cut their taxes down to less than 13 percent on corporations, fully expecting to lose revenue to their government. They instead increased their total revenue drastically because business started flooding into the country.

We now have the highest corporate tax rate in the world and that is driving business away from here. If we suddenly became one of the lowest overnight that would bring them all flooding back again even with our shoddy, lousy accounting rules. Russia learned this. Their economy has been booming for awhile because of their sub-13% corporate tax rate. Georgia learned this. Ireland learned this. We're competing internationally for business and we've the poorest hand in that game now that Japan cut their tax rate.

Obama once said that he understood that raising taxes would DECREASE government revenues, but said he would do it anyway because it was the "fair" thing to do. This is pure class warfare politics and it does nothing to pay off the national debt.

PayGo accounting rules for tax cuts are a lie and a fabrication made by the Democrats who don't want to do the hard thing of balancing the budget and need some excuse to say that they're doing something to cut the deficit. They just want to play class politics and go after the "rich" to "help the little guy." Both parties need to cut the crap politics out and both parties need to quit spending like drunken democrats, the government can't take this deficit anymore.