Wednesday, August 27, 2008

Dueling Tax Plans

There has been a lot of talk about the candidate's tax plans, but let's get one thing straight: neither of them will appreciably decrease spending. The political will just isn't there, unless the Republicans manage to get power of Congress with a large number of fiscal conservatives (which I doubt because of the rise of the social conservatives). Anyway, on to the numbers:

McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.

Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.



Compare this to the fact that the national debt has grown from $5.674 trillion in 2000 to $9.008 in 2007. Where's the plan to pay off the $3 trillion that we have accumulated in the last 7 years? I guess they'd rather buy more toys than pay the bills.

1 comment:

SHOK13 said...

http://www.heritage.org/Research/Budget/BG1660.cfm

Myth #5