Permacarn’s Weblog

A Permanent Blog Carnival

Obama VS McCain On Taxes

The current state of our economy is not one of enthusiastic confidence and unbridled investment. We’ve got significant debt as a nation that we’re all going to have to pay off for many years to come. But before we as a nation start paying it off, both presidential candidate’s tax proposals plan on adding to it for the next few years. John McCain the self proclaimed “economically conservative Republican” is speaking out against his opponent Obama on the tax front. But the two candidates’ tax proposals and their projected consequences viewed side by side show that for a Democrat, Obama’s plan appears to be the one thats more conservative.

In a recent authoratative analysis provided by The Tax Policy Center stated that “Senator Obama’s plan would add $3.3 trillion to the national debt (including additional interest costs), while Senator McCain’s plan would add $4.5 trillion.

The analysis also showed that under Senator Obama’s plan revenues would total 18.2 percent of GDP in 2013 compared to McCain’s plan where the revenue yield would be 17.8 percent. A difference of .4 percent doesn’t seem like much, but when we’re talking GDP, that’s huge.

And while John McCain is pandering to Middle America saying that he’s in touch with what everyday Americans are experiencing when he lives in the lap of luxury with his millionaire heiress wife and says things like the drawdown of troops in Iraq isn’t important and that economists don’t know what they’re talking about, he doesn’t tell Middle America that his tax plan is designed to significantly benefit those in the upper-most income brackets. He doesn’t tell you that Obama’s plan is more suited to people who don’t make a significant amount of money.

Advertisements

June 13, 2008 Posted by | Elections, John McCain | , , , , | 3 Comments