Dun gets political... economic stuff
A preliminary look at the Obama and McCain tax plans.
This is from the Urban Center/Brookings Institute. They have a very solid reputation for delivering the facts. Their analysis on average leans to the left, so when it comes to their opinions, understand that they are self admitted liberals who are trying to be fair. I appreciate their honesty, and find most of their work to be very enlightening.
http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf
This won't come as a surprise to most of you, but in my reading of the numbers, I prefer McCain's direction over Obama's.
My primary objection to Obama's stated policies per this article is his intent to greatly increase the Capital Gains tax. The last thing we need to do in our current economic slump is discourage investment, and bumping up the CG tax will put a big damper on domestic investment levels. Historically the times we've dramatically increased the Capital Gains tax; 1927, 1969, 1976, and 1986... we have in short order been hit by major recessionary periods. Granted, there were other factors at play during these recessionary trends - nor has every recession corresponded with an increase in the Capital Gains tax - but they have all corresponded with a lack of free flowing currency, which will bring me to my next point of contention.
Obama’s economic plans are that they are rife with the redistribution of wealth, and the punishment of economic successes. This is a sore spot for me. I’m a vehemently against the redistribution of wealth, particularly when it is done in ways that fail to increase the overall health of the economy. I also consider taxing success a bad thing for overall economic growth. It is often done as a feel good measure, especially as the taxes are done behind the scenes in the form of corporate taxes, tariffs, and regulatory fees. I see Obama’s policies dragging an already slow economy into an absolute standstill, if not a collapse. Everyone agrees we need to do something about the economy, but let’s be sure that the Change we choose is for the good. Contrary to what some may claim, things really could be a lot worse economically, and making them worse would be a change - so let’s decide not to rush towards the first ‘change’ we are offered.
I'd like to say positive things about McCain at this point - but the only things I find hopeful in his plans are the roll-back of the AMT levels, and a reduction of the corporate tax levels. In the long run - his economic plans where it really matters - foreign trade and currency value strategies are almost identical to Obama's.
Getting onto my Libertarian soapbox for a moment - I don't like taxing corporations, period. I don’t like it simply because big-business doesn’t really pay the tax - I do. Every time I buy something, I'm paying extra to make up for the person selling it to me being taxed, and the person who sold it to them, and the person that sold that guy the parts, etc... Taxes on corporations are nothing more than taxes on the end consumer, simply masked behind a false label of taxing large corporations.
In my perfect Libertarian world - we'd not tax corporations or businesses at all... only individuals. If you make money; be it salary, wages, stock options, capital gains, business perks - like cars, apartments, jets, etc... You get taxed on it. Stop hiding taxes from the public by putting them on corporate balance sheets rather than in the open where they belong. Every penny we tax at the corporate and business level is directly passed on to the consumer. We pay the corporate taxes; we just don't know how much we're paying.
This is from the Urban Center/Brookings Institute. They have a very solid reputation for delivering the facts. Their analysis on average leans to the left, so when it comes to their opinions, understand that they are self admitted liberals who are trying to be fair. I appreciate their honesty, and find most of their work to be very enlightening.
http://www.taxpolicycenter.org/UploadedPDF/411693_CandidateTaxPlans.pdf
This won't come as a surprise to most of you, but in my reading of the numbers, I prefer McCain's direction over Obama's.
My primary objection to Obama's stated policies per this article is his intent to greatly increase the Capital Gains tax. The last thing we need to do in our current economic slump is discourage investment, and bumping up the CG tax will put a big damper on domestic investment levels. Historically the times we've dramatically increased the Capital Gains tax; 1927, 1969, 1976, and 1986... we have in short order been hit by major recessionary periods. Granted, there were other factors at play during these recessionary trends - nor has every recession corresponded with an increase in the Capital Gains tax - but they have all corresponded with a lack of free flowing currency, which will bring me to my next point of contention.
Obama’s economic plans are that they are rife with the redistribution of wealth, and the punishment of economic successes. This is a sore spot for me. I’m a vehemently against the redistribution of wealth, particularly when it is done in ways that fail to increase the overall health of the economy. I also consider taxing success a bad thing for overall economic growth. It is often done as a feel good measure, especially as the taxes are done behind the scenes in the form of corporate taxes, tariffs, and regulatory fees. I see Obama’s policies dragging an already slow economy into an absolute standstill, if not a collapse. Everyone agrees we need to do something about the economy, but let’s be sure that the Change we choose is for the good. Contrary to what some may claim, things really could be a lot worse economically, and making them worse would be a change - so let’s decide not to rush towards the first ‘change’ we are offered.
I'd like to say positive things about McCain at this point - but the only things I find hopeful in his plans are the roll-back of the AMT levels, and a reduction of the corporate tax levels. In the long run - his economic plans where it really matters - foreign trade and currency value strategies are almost identical to Obama's.
Getting onto my Libertarian soapbox for a moment - I don't like taxing corporations, period. I don’t like it simply because big-business doesn’t really pay the tax - I do. Every time I buy something, I'm paying extra to make up for the person selling it to me being taxed, and the person who sold it to them, and the person that sold that guy the parts, etc... Taxes on corporations are nothing more than taxes on the end consumer, simply masked behind a false label of taxing large corporations.
In my perfect Libertarian world - we'd not tax corporations or businesses at all... only individuals. If you make money; be it salary, wages, stock options, capital gains, business perks - like cars, apartments, jets, etc... You get taxed on it. Stop hiding taxes from the public by putting them on corporate balance sheets rather than in the open where they belong. Every penny we tax at the corporate and business level is directly passed on to the consumer. We pay the corporate taxes; we just don't know how much we're paying.