Proposed Tax Plans and National Debt

Feb 2007
5,580
3,142
USA
#1
An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Executive Summary - Revised September 15, 2008







Author(s): Roberton Williams, Howard Gleckman



Published:September 15, 2008



Abstract



Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.



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An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Executive Summary - Revised September 15, 2008
 
May 2008
6,766
0
#2
baloney_detector said:
An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Executive Summary - Revised September 15, 2008







Author(s): Roberton Williams, Howard Gleckman



Published:September 15, 2008



Abstract



Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.



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An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Executive Summary - Revised September 15, 2008
Welcome to post election reality...



If McCain were elected he still will not have a mandate to lower taxes for businesses because that would require a super majority overwhelming vote to give his plan credability and we all know if he wins it will be a squeeker. The congress is led by Democrats and it's a separate branch of government and lowering taxes for business is against their platform so, to put it simple there isn't a snowballs chance in hell that congress would adopt McCain's tax plan.



If Obama is elected he will not be able to do shit becaue the economy sucks and every foreign policy nightmare that can happen will happen. Liberals will try to deliver every feel good thing they can so they can be reelected in 2010 but outside of that it looks pretty bleak!
 
Jan 2006
793
0
#3
baloney_detector wrote:

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Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers.

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How's he going to do that when the President was never granted any taxation powers?



I'll bet you didn't detect that baloney...
 
May 2008
6,766
0
#4
indago said:
baloney_detector wrote:

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Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers.

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How's he going to do that when the President was never granted any taxation powers?



I'll bet you didn't detect that baloney...
With the crash of the stock market and loss of employment the tax revenue will be much lower each quarter until the economy turns around. That means the government will not even take in enough money to meet current obligations, even if a tax increase on the rich took place it will not meet the basic budget requirements. So to give money to those who don't pay tax and the middle class will have to be financed like the last stimulus checks.
 
Feb 2007
5,580
3,142
USA
#5
Zack said:
If Obama is elected...every foreign policy nightmare that can happen will happen.


Then perhaps you should dig yourself a fallout shelter if Obama gets elected.



You know, to protect yourself when the sky falls and all.



 
Feb 2007
5,580
3,142
USA
#6
indago said:
baloney_detector wrote:

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Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers.

----------------------------------------------------------------------



How's he going to do that when the President was never granted any taxation powers?



I'll bet you didn't detect that baloney...


I see you only referenced Obama.



What about McCain's tax proposals?



Don't his proposals also rely on congress' approval, if he is elected?



(There is no need to be condescending. I know quite well how the US government functions.)
 
May 2008
6,766
0
#7
baloney_detector said:
I see you only referenced Obama.



What about McCain's tax proposals?



Don't his proposals also rely on congress' approval, if he is elected?



(There is no need to be condescending. I know quite well how the US government functions.)
Check this out Reality Check: The Cost Of Obama's Pledges, CBS Evening News: If Victorious, Barack Obama May Find Fewer Resources Than He Needs For His Campaign Promises - CBS News



Do you actually think a Democratic majority in congress would pass a McCain tax cut? No! But they can have their majority lost in 2010 and a new congress could do it.



The Bush tax cuts expire in 2010 remember?