Note to taxpayers: forget the tax cuts

The bailout announced today will make it virtually impossible for the next administration to lower taxes or increase spending for new programs without broadly raising taxes. It will be interesting to see if either campaign addresses this fact and does anything about it.

 

I agree. It will be very interesting.

 

Unfortunately, you may be right. What will make it worse is that people will think raising the 35% and corporate rates will fix it and that is the worst thing you can do.

 

You know, the government could just spend less.

 

If you look at each candidate's tax cuts and planned new programs, McCain comes out having a smaller deficit. His tax cuts are greater, but his new expenditures are substantially less so he nets out well under Obama. That would give him a better opportunity to accomplish more of his plans than Obama who would be hamstrung to implement the long list of liberal programs he likes to buy votes with. Both candidates will be even more fiscally challenged than they would have been; however, Obama has a lot more to lose since he's promised so much in the way of new spending.

 

Lone star, that's not right at all. I'll try to find the actual numbers, but McCain is under Obama by about $1T over 10 years if I recall. The $3T number for Obama is accurate if you only include his tax cuts and not his new programs.

 

We could always legalize & tax marijuana

 

One clear verdict: Reaganomics was a clear disaster. What could have trickled down ended up pissing on most of us. Now, let's pull our heads out of our asses and make this a decent country again.

 

First of all, "4th" is right.

Second of all, Obama is bad for America. Why it's not ridiculously obvious to most Americans, I have no idea.

 

^ ^ ^ That hilarious 4th.

 

I saw this evening that Obama is still claiming that he can still do the tax cuts and pay for all his programs. On top of it, he wants another stimulus package. I think we're starting to see that this guy has even less of a clue than I thought. There's still time for him to come to his senses. We'll see. Didn't hear anything on this from McCain so he still has a chance to show his pragmatism.

I'm still planning to dig up the tax and spend figures for both.

 

There isn't an elected official in Washington that has the slightest idea how we got into this mess and what it will require to fix it. Not one....

McCain and Obama are equally clueless.