Thursday, June 12, 2008

Obama and McCain on Taxes

Yahoo has an article comparing the two candidates on taxes. McCain would cut the income tax rate. This would benefit high-income taxpayers most. Since the middle and upper class pay more in taxes I think that is obvious. Obama would only cut taxes for the low income household, which means a small cut since they pay little in direct income tax. Both want to increase the tax on single adults. Single adults have been lumped with smokers as easy tax targets. If you marry for tax reasons will you go to jail since the IRS considers actions taken primarily to avoid paying taxes illegal? I think it is funny how the Yahoo article glossed over Obama’s massive tax increases. They fail to mention most of them. Obama plans several energy taxes, which the energy companies have already said will be passed onto the consumer. His other business and investment taxes will either be passed on through higher prices or fewer jobs. Both candidates have no plans to reduce government spending. Obama does not discriminate on his tax increases. He is however vocal about his increases for the middle and upper class while careful to hide the ones for the lower income groups. Congress will ultimately decide which taxes pass, but without any pressure to reduce spending someone will be paying for it sooner or latter.

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