Spring Break
Death and taxes: The only certainties in life
Freesia Singngam
Issue date: 11/3/08 Section: Election Special
When some of the nation's biggest lenders went bankrupt as stocks fell and brought on the biggest economic crisis in years, Congress passed a $700 billion bailout. Both candidates have plans to ease the economic crisis that include temporarily eliminating taxes on unemployment benefits. McCain wants to "buy bad mortgages and renegotiate loan terms based on the current value of home" and "convert failing mortgages into low-interest, FHA-insured loans," according to CNN.com. Obama wants to "give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United States."
On top of these huge expenses, the United States is currently engaged in the War in Iraq that has cost the nation billions of dollars. Obama has proposed drawing down troops in Iraq to help close the budget deficit. McCain has made it clear that he wants to keep fighting the war.
How is the government supposed to pay for these health care plans without taxing people? How will they pay back the huge debt they now owe after the bailout? How will they pay the difference after they lose money from these tax credits? How is the war still being paid for? There's not a secret pool of money anywhere, unless, of course, you look at the American people. Historically, taxes have paid for things when the nation was in need. This is one of those cases.
McCain wants to keep the 2001 and 2003 personal tax cuts permanent and "repeal the Alternative Minimum Tax, the so-called 'wealth tax,'" according to CNN.com. Obama wants to leave all tax cuts the same with the exception of raising taxes by a few percentage points for couples making more than $250,000 a year and single filers making more than $200,000 a year while giving a tax break or lowering taxes for households making less than that.
McCain wants to increase the amount of money exempt from the estate tax to $5 million and lower the rates, while Obama wants to keep the estate tax cut-off at $3.5 million and keep the rates the same. McCain wants to reduce the corporate tax rate, while Obama says he would consider lowering it.
On top of these huge expenses, the United States is currently engaged in the War in Iraq that has cost the nation billions of dollars. Obama has proposed drawing down troops in Iraq to help close the budget deficit. McCain has made it clear that he wants to keep fighting the war.
How is the government supposed to pay for these health care plans without taxing people? How will they pay back the huge debt they now owe after the bailout? How will they pay the difference after they lose money from these tax credits? How is the war still being paid for? There's not a secret pool of money anywhere, unless, of course, you look at the American people. Historically, taxes have paid for things when the nation was in need. This is one of those cases.
McCain wants to keep the 2001 and 2003 personal tax cuts permanent and "repeal the Alternative Minimum Tax, the so-called 'wealth tax,'" according to CNN.com. Obama wants to leave all tax cuts the same with the exception of raising taxes by a few percentage points for couples making more than $250,000 a year and single filers making more than $200,000 a year while giving a tax break or lowering taxes for households making less than that.
McCain wants to increase the amount of money exempt from the estate tax to $5 million and lower the rates, while Obama wants to keep the estate tax cut-off at $3.5 million and keep the rates the same. McCain wants to reduce the corporate tax rate, while Obama says he would consider lowering it.
Be the first to comment on this story