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

[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.