Here’s a quick list of reasons why I don’t like McCains tax plan:
1. It’s a continuation of the Bush Tax cuts which he called ‘unconscionable’ in 2000 because it gave to much to the upper class.
2. He wants to continue in Iraq at full force, while our economy is down. What nation can keep up a war at full force with a bum economy? Ever play the game guns or food?
3. Our national debt is critical. We owe China $1 Trillion and our liabilities over Medicare are far above that. This is not the time for across the board tax cuts.
4. The tax cuts are more geared to the upper class. This is because of the notion of trickle-down economics. But what we’ve just seen in the last few years is that while the economy quickly went up, job rate and income rates actually stagnated or went down. It’s clear that many big business CEOs pocketed the money rather than investing it in new jobs and research (great example: Lehman Brothers).
5. His health care plan is unrealtistic. The idea that we will tax health care benefits while employers are already complaining about the cost of health care will mean a lot of people will lose their health care and be forced to find it on their own – without their employer helping foot the bill. The end result will likely mean a greater number of uninsured people. This alone will be a major choke on our economy. We already pay one of the highest rates per family for health care, but it can get worse.
6. Both are wealth redistribution, but McCain’s is more geared toward redistributing the wealth up, and Obama very modestly redistributes it down, but that is good because these are the people buying the products of the rich. I see McCain’s plan as a hand-out to the people who don’t need it.