Polls show that the number one factor on Americans minds right now is the economy. Inflation is outpacing the national average for our pay raises. Unemployment is up, families are losing their homes, and more importantly, consumer confidence is down. The number one question we’re asking right now according to many polls, is what will the new president do to fix the economy. Yes, the economy is on our minds ever more so than bringing our troops home. Given that, I thought it appropriate to look at both McCain’s and Obama’s discussion of economics and how we’re going to ameliorate our current situation.
Tax Cuts for Middle Class Families
It seems the general consensus among politicians is that the way you stimulate the economy is by putting tax money back into the pockets of Americans. We saw this with Bush’s tax stimulus payment which landed several billion dollars back into American’s pockets.
Both candidates are for cutting taxes for middle class families. In McCain’s plan, he would like to repeal the alternative minimum tax. The AMT hits mainly middle class families. He would also like to double the personal exemption for dependents. It’s currently $3,500 and he would like to double it to $7,000. For our family, this would pretty much eliminate the need to pay income taxes.
Obama’s signature tax plan also involves simplifying the IRS code which he estimates will save tax payers 200 million hours and 2 billion dollars in tax preparer fees. Under his plan, the IRS would use the information it already receives to offer pre-filled out forms for people to simply approve and sign.
We Love Those Tax Cuts
I don’t know very many people whose ears don’t perk up when they hear the idea of ‘tax cut’, but beware–I’m not convinced it’s all that it’s cracked up to be. First of all, in the back of my mind I hear the replay of former President Bush’s speech: “Read my lips–no new taxes.” Only to find that within the four years in office–there were in fact new taxes.
The reality is that our taxes pay for the running of the federal government. While we could argue that there’s misspending and that congressman make way too much money (and I would agree) and that we’re spending a substantial amount of money on the war (which we are), you cannot simply cut taxes without getting money from somewhere else. If it sounds to good to be true–it probably is.
Valorie Delp shares recipes and kitchen tips in the food blog, and also writes about politics and the occassional movie review. To read more articles by Valorie Delp, click here.
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But let’s look some more tomorrow at McCain’s and Obama’s proposed economic plans and how they might help our economy.
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