By John Watson
In no other policy area are the American people offered a clearer choice between the starkly different tax programs of Sen. Barack Obama and Sen. John McCain.
Sen. Obama ‘s tax plan delivers broad–based tax relief to middle class families and cuts taxes for small businesses and companies that create jobs in America, while restoring fairness to our tax code and returning to fiscal responsibility. His plan will help restore bottom–up economic growth that creates good jobs in America and empowers all families achieve the American dream.
Sen. McCain’s tax plan, by contrast, continues to promote the discredited policies of President Bush that emphasize trickle down and supply side economics. The result of the massive tax cuts early in the Bush Administration has been record federal deficits and a ballooning national debt – which has more than doubled in the last 8 years from around $5 trillion to $10 trillion. Now we are faced with our worst economic crisis since the Great Depression and are adding to the deficit and debt at a pace that will leave a toxic legacy for our children, grandchildren and great grandchildren. And Sen. McCain wants to double down on those policies.
Under Sen. Obama’s plan:
• 95% of American workers and their families would see their taxes reduced (only families with income more than $250,000 per year would see an increase);
• Eliminate income taxes on people over 65 who make less than $50,000 per year;
• Eliminate capital gains taxes on small businesses, and reduce taxes on companies that create jobs in the U.S.;
• Repeal the estate tax for 99.7% of estates.
America simply cannot afford 4 more years of the ruinous policies of the past 8 years which have seen soaring deficits and national debt, anemic job creation (actual job losses of more than 700,000 so far in 2008), and a growing economic disaster. That is what a McCain presidency would bring us. An Obama presidency would restore a sensible tax policy coupled with fiscal prudence and help Americans regain a measure of economic security that has been so severely undermined during the past 8 years.