Posted on 04/25/2008 2:51:16 AM PDT by Aristotelian
John McCain, the Republican nominee for President, has proposed extending the Bush tax cuts. So as morning follows night this week, Democratic news analysis has been pouring forth to proclaim that his tax ideas are a threat to the republic because they'll explode the budget deficit. The Senator needs to understand that he can't win this election by playing on this economic turf.
The subtext of the criticism of the McCain tax plan is that it would somehow "starve" the government of revenue. The figures being tossed around for the "cost" of the McCain tax plan have been estimated at $2 trillion by the liberal Center for American Progress, while the Brookings Institution estimates $5.7 trillion.
If this were really true, the lower Bush rates of 2003 already would be draining money away from Uncle Sam. Instead, even amid an economic slowdown, tax revenue stands at nearly 19% of GDP. That's above the modern historical average, and there is no precedent in recent history for raising and maintaining the tax take significantly higher than that.
If all the tax cuts expire, however, we would see the largest tax increase in U.S. history and that percentage of national income going to the Treasury would climb steeply higher. In which economics text is it written that the cure for a slowing economy is an unprecedented tax increase?
Senator McCain has also proposed moving the U.S. corporate tax rate, currently the second highest in the world after Japan, to a rate closer to the international norm. The point here is to stop driving investment and jobs overseas. Even House Ways and Means Chairman Charlie Rangel has recognized this. Once-sleepy Ireland cut its corporate tax rate to 12.5% from 48%, and tax receipts have soared because of its revived economy. Incentives work.
(Excerpt) Read more at online.wsj.com ...
You will criticize anything, so long as you can take a shot at the Republican presidential candidate, won’t you?
I’m a conservative. Do you think McCain is a conservative?
McCain is against raising taxes, and for cutting taxes.
He is pro-victory in Iraq.
He is pro-life.
He is pro-trade.
He is for reducing government spending.
That sounds pretty conservative to me.
I take it you think Obama is more conservative?
And spending, McCain should polish his budget hawk resume and do some educatin’ about why tax cuts and reigned in spending works...everytime it is tried..
If and when McPain gets into the WH, he will make Bush look like Barry Goldwater. Mark my words.
McCain is the worst candidate in the world, except for all the others. For every good thing you can say about him, I can give you two negatives. But as a wise Sec Def once said, “You go to the election with the candidate you have.”
You didn’t answer my question.
Why do you think Obama would be a better president than McCain?
Of course not. You need to read up on logic and logical fallacies, my friend.
Yep. He needs to go “slash and burn” on taxation, in a manner reminiscent of Ghenghis- sorry, ‘Jinjiss’ Khan- and maybe then I’ll vote for him.
Supporting the Fair Tax and abolition of the income tax would be a good start.
I don’t vote for liberals. What do you suggest I do?
Too bad McCains ACU rating put him about 47th in the Senate for 2006...
Mark Levin had a great analysis this week, noting how McCain will screw us. McCain figures Republicans have no other choice but to vote for him. So he plans to suck up to more liberal voters and independents. This election will become a battle between liberals.
McPain is one of the reasons the Bush tax cuts weren't made permanent from the start. He's one of the reasons the cuts will sunset unless extended. And even with the sunset provisions, McPain voted against the Bush tax cuts.
During the Clinton years spending was controlled.
The fact is as long as the poor states are controlled by the Fiscally Conservative GOP, we will never control our spending. Mississippi, Arkansas, the midwest are all various forms of parasites sucking the hard work and creativity from NY and California. Even if we could elect conservatives to those states, the farmers need their freebies, the hillbillies need their handouts.
Meanwhile, out of the other side of his mouth, McCain represents and thereby endorses a state with sky high taxation and MANDATED health care insurance. More double- speak. If you are falling for that, You are a LIBERAL at heart. There are definitely two McCains- one of talk and one of action. Which McCain do you believe represents his true character and the likelihood of him being any different than a leftie? His talk? Or his Walk?
There’s only one way to control Federal Spending, raise taxes. Because, we aren’t paying the full price for all those government programs, we want more of them. What McCain is saying - you farmers want 5 billion in payments, we need a new 5 billion dollar tax increase. — That changes everything.
We have been running at consistent and reckless deficits ever since “Conservatives” took control of Washington. The low dollar, the subprime credit crisis. are results of the Christian Conservatives running the GOP into the Ground.
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