McCain/Obama tax plans....

LXguy said

Hey All:

Seems like there is a lot of disinformation around about Obama and McCains tax plans.

Here's a diagram that outlines various tax increases/decreases based on what the candidates themselves have stated. The results may surprise you.



Note the caption: Bottom three groups = 60% of taxpayers.

Being a fiscal conservative, I don't believe that anyone should get a tax break during a war, or when the government is running an annual 800 billion dollar deficit, but whatever.

Steve

Click to expand...

That fails to address one very important aspect of who Obama's tax increases hit and how hard. His increases will be murder on businesses, both large and small, and those increases in their expenses will be passed on directly to the consumer, in effect greatly increasing the tax on them far beyond the direct effect on their tax bracket. It will greatly reduce the amount of money comsumers have put into the economy. It will also slam investors which will also have a substantial negative effect on the economy. It is a recipe for resession, as major tax increases always are.