Wednesday, October 29, 2008

Compare/Contrast McCain and Obama's Economic Policies

The following are not the opinions, statements or beliefs of Super Technologies, Inc.

Have you read all the blog posts regarding the upcoming USA elections? Wow, it is absolutely exciting.

I'd like to respond to one that I just read which was attempitng to summarize Obama's economic policy by stating that as a restaurant patron, he would not give the waiter a tip and instead, give it to a homeless person down the street.

Not quite, but I'll give proof at the end of this post.

My thoughts:

Seems the McCain economic policy...might be...give the $10 tip to the manager in the hope it would stimulate more business for the restaurant and more income for the waiter. Trickle down economics.

Here's what the Obama campaign is saying about the tax plan:
1. 95 percent of workers receive a tax cut of $500; $1,000 for
working couples/families.
2. Tax cuts for low- and middle-income seniors, homeowners, uninsured, families sending a child to college or looking to save and accumulate wealth.
3. Cut corporate taxes for firms that invest and create jobs in the United States, and provide tax credits to reduce the cost of healthcare and to reward investments in innovation. No capital gains tax for small businesses.
4. Dramatically simplify taxes by consolidating existing tax credits.
5. No family making less than $250,000 will see their taxes increase. Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Tax relief for middle class families is larger than the revenue raised by tax changes for families over $250,000.

The full details are located at:

Here's a comparison between McCain's and Obama's positions, taken from the attachment:

...Both candidates pledge to lower taxes overall, but the key point to the debate is who will be paying the bills.

Sen. Obama favors tax cuts for middle-class workers and tax increases for top earners -- families that make more than $250,000 and individuals making more than $200,000 a year. He wants to extend most of the 2001 and 2003 Bush tax cuts, but raise the top two marginal rates to 36% and 39.6%.

Sen. Obama wants to eliminate taxes on seniors making less than $50,000 a year and to provide a "Making Work Pay" tax credit of 6.2% of the first $8,100 in wages (about $500) for individuals earning less than $75,000 a year. Outside analysts estimate that the top 1% of wage earners would see an average tax increase of $19,000.

Sen. McCain wants to permanently extend all 2001 and 2003 Bush tax cuts, raise the personal exemption for each dependent from $3,500 gradually over several years to $7,000 and keep the top tax rate at 35%, leaving "upper-income taxpayers" with "the most to gain under McCain's plan," according to a report by Deloitte Tax. The nonpartisan Urban-Brookings Tax Policy Center estimates that the top 1% would see a tax cut of more than $125,000.

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