…and elimination of deductions.

Let’s start with:

-eliminating the mortgage deduction (A brilliant move during a housing slump)

-eliminating deductions for charitable donations

-eliminating deductions for health care (exempting unions of course. Is that fair? Obama has to pay back the unions that supported him though)

-cap and trade (not a tax per se but will have the same effect. Do you think businesses will pass the increase on to you?)

-VAT tax (A federal sales tax on all purchases)

What else you got?
Oh yeah. Letting the top tax rates go back up for individuals earning over 0,000.

And raising the corporate tax rate.

…and elimination of deductions.

Let’s start with:

-eliminating the mortgage deduction (A brilliant move during a housing slump)

-eliminating deductions for charitable donations

-eliminating deductions for health care (exempting unions of course. Is that fair? Obama has to pay back the unions that supported him though)

-cap and trade (not a tax per se but will have the same effect. Do you think businesses will pass the increase on to you?)

-VAT tax (A federal sales tax on all purchases)

-Letting the top tax rates go back up for individuals earning over 0,000( Bush tax cuts expire)

-And raising the corporate tax rate.

What else you got?
Melissa you have your head so far in the sand it’s amazing you can come up and use a computer

Both McCain and Obama will have to raise taxes to pay for programs for which the public is clamoring, whether those programs are universal health insurance, expanding the military, trying to retire the national debt, or simply trying to balance the budget.

McCain proposes to increase your tax exemption for children by something like 5/year. That’s it, if you have children you get something, otherwise not. This will increase the deficit.

McCain proposes a 00-00 "refundable" tax credit for the purchase of health insurance while apparently proposing, as I understand it, eliminating the deduction for employer provided health insurance. This is a tax increase for business to pay for a tax benefit to the public. This is, ostensibly deficit neutral.

McCain will cut the corporate tax rate from 35% to 25%. This is proposed to keep American companies on shore and to stimulate the economy. This will not keep companies on shore because the 10% tax savings on profits is miniscule compared to the as much as 80% operating cost savings of exploitation of cheap foreign labor. And since most corporations do not pay any taxes due to loopholes it is ridiculous. All that will happen is that those that are paying taxes domestically will pay less and increase the deficit.

All of this tinkering with tax cuts will result in a net tax increase because a higher percentage of the operation of government will be placed on your credit card.

Obama’s plan, a tax cut for the middle class, should be offset by rolling back the Bush 43 tax cuts for the wealthy. Curtailing tax loopholes for companies operating offshore will have far reaching effects including reducing the deficit. As far as funding for new programs goes, there is little doubt that these, like universal healthcare or improving public education and tuition programs, will go on your nation’s credit card.

What’s in it for me? After all, I’m paying for it.

Your taxes are going to go up with either Obama or McCain. For whom you vote, if that is your issue, depends entirely on how much they will go up and/or what you will get in return

It makes the tax code a little simpler for individuals by repealing the AMT after 2007 and expanding the standard deduction, and a bit simpler for businesses, who will trade
unnecessary tax breaks for a lower corporate tax rate. The bill’s corporate loopholeclosing measures would enhance the economy overall because fewer business decisions would be made for tax reasons (to exploit loopholes) rather than sound
economic reasons. It makes the tax code fairer by providing a larger standard deduction and tax credits low-income working people and by scaling back the Bush tax cuts for the wealthy.
Finally, the bill stops the dangerous pattern of the Bush administration of cutting taxes more and more and putting the cost on the national credit card. Instead, the bill pays
for the tax cuts it provides to the vast majority of Americans in a responsible way.

http://www.ctj.org/pdf/rangelbill.pdf

Thoughts?