McCain and Obama Tax Proposals both Increase Long-Term Deficit Spending
Posted 6/11/2008 @ 3:16:25 pm by mywetplanet.com
Findings released today (6/11/08) from the Tax Policy Center show that both John McCain and Barack Obama plan to change the tax code in ways that very few voters realize. If implemented, both plans would increase the federal government's deficit spending in future years by several TRILLIONS of dollars!
Impact from that dramatic increase in deficit spending could have very bad implications for the future of the American economy. The Policy Center's findings are unclear as to the future impact on Americans, should either tax plan make it into policy.
Barack Obama plans to lower income taxes for both lower and middle income Americans. He would increase the tax burden on upper income Americans, those with household earnings of $600,000 or more.
John McCain's plan would slightly improve taxes for lower and middle income families, while concentrating more tax savings for the upper income households.
Both plans would keep the 2001 and 2003 income tax reductions in effect.
WHAT DOES THIS REALLY MEAN TO YOU AND ME?
We have to consider other conditions before we arrive at a conclusion. Re-writing the tax code is a comprehensive undertaking for any administration. The make-up of Congress will largely determine whether or not a president's proposal will be enacted into law. Until the November elections are determined we won't know the answer. Still, we have to keep in mind which party will control both houses of Congress, as that will go a long way in determining whether passage of either candidate's plan will become a reality or not.
Clearly, the economy's health is going to grow in importance as the elections draw near. Right now, Americans are feeling pressure on their household incomes from record prices for fuel and food. That is not going to reverse itself until long, long after a new president and congressional representatives are elected.
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