Tax Plan Comparison
I found this article on MSN that I thought was pretty interesting. The independent group Tax Policy Center, did an analysis on the current versions of Obama's and McCain's tax policies.
Anyone who has traveled outside of the country recently, might have noticed the U.S. dollar is worthless these days. One reason for that, is George Bush's policies of funding via increasing the national debt. Well both Obama and McCain appear to continue that trend but, "McCain's tax proposals could increase the national debt by as much as $4.5 trillion with interest, while Obama's could add as much as $3.3 trillion.Tax studies have shown that when tax cuts are deficit funded and they're paid for by raising taxes in the future, the economy is worse off than if you didn't cut at all," according to the Tax Policy Center.
Let's break it down some more...
compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $1,200. That means their after-tax income would rise by 2%. But those in the lowest income groups would only see their after-tax income rise by less than 1% (or between $19 and $319). By contrast, the highest-income households - those with incomes of at least $603,000 - would see a boost in after-tax income of 3.4%, or more than $40,000.
The net result: compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $1,200. That means their after-tax income would rise by 2%.
Obama's plan would keep the 2001 and 2003 tax cuts in place for everyone except those making more than roughly $250,000, and he would increase the capital gains tax
The net result: compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $160 under Obama's plan. That means their after-tax income would rise by 0.3%.
I'm not saying either plan is great or bad, actually, I'm saying they are both bad. I wonder what Ralph Naders's tax plan is like?
Is it possible to reduce taxes and reduce spending to compensate. How about cutting some of the crap our government wastes money on, and reduce the national debt in the process? Because what all this comes down to is, my desire to travel and not have to stay in the shitty hotels in the process.